Alternative investment manager Blackstone (NYSE:BX) will be announcing earnings results this Thursday before market open. Here’s what you need to know.
Blackstone beat analysts’ revenue expectations last quarter, reporting revenues of $3.83 billion, up 23.8% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates and a narrow beat of analysts’ AUM estimates.
Is Blackstone a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Blackstone’s revenue to decline 3.7% year on year, a reversal from the 36.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Blackstone has a history of exceeding Wall Street’s expectations.
Looking at Blackstone’s peers in the capital markets segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Cohen & Steers delivered year-on-year revenue growth of 11.1%, beating analysts’ expectations by 1.2%, and Goldman Sachs reported revenues up 23%, topping estimates by 11.5%. Cohen & Steers traded up 1% following the results while Goldman Sachs was down 1.7%.
Read our full analysis of Cohen & Steers’s results here and Goldman Sachs’s results here.
Over the last year or so, investors' attention has moved from one major market theme to the next, spanning AI disruption and surging infrastructure investment to geopolitical tensions, interest rates, and the health of the broader economy. While some of the capital markets stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.3% on average over the last month. Blackstone is down 12.5% during the same time and is heading into earnings with an average analyst price target of $139.36 (compared to the current share price of $110.60).
ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention.
AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.