Blackstone assets top $1 trillion, but stock pulls back as segment revenue misses expectations

Shares of Blackstone Inc. BX took a 2.3% hit in morning trading Thursday, to snap a five-day win streak and pull back from an eight-month high, after the asset manager boasted being the first to surpass $1 trillion in assets under management, but reported segment revenue the fell more than expected. Net distributable income fell to $1.21 billion, or 93 cents a share, from $1.99 billion, or $1.49 a share, in the year-ago period, to top the FactSet consensus for earnings per share of 92 cents.

3% hit in morning trading Thursday, to snap a five-day win streak and pull back from an eight-month high, after the asset manager boasted being the first to surpass $1 trillion in assets under management, but reported segment revenue the fell more than expected. Net distributable income fell to $1.21 billion, or 93 cents a share, from $1.99 billion, or $1.49 a share, in the year-ago period, to top the FactSet consensus for earnings per share of 92 cents. Segment revenue dropped 43.4% to $2.

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