Blackstone profit falls, but distributable earnings beat estimates

Blackstone Inc.
BX,
+3.02%
stock fell 1% in premarket trades on Thursday after the private equity firms said its fourth-quarter net income fell to $557.9 million, or 75 cents a share, from $1.4 billion, or $1.92 a share, in the year-ago quarter. Distributable earnings fell to $1.07 a share in the fourth quarter, from $5.17 a share last year, but beat the analyst estimate of 95 cents a share, according to estimates compiled by FactSet. Fourth-quarter revenue dropped to $1.7 billion from $5.76 billion. Total assets under management rose 11% to $974.7 billion.