Apollo Global Management Q1 Net Jumps; Adjusted Profit Misses Estimates

(RTTNews) - Apollo Global Management, Inc. (APO) Thursday reported higher profit for the first quarter, helped by growth in revenue.

Net income for the first quarter increased to $1.403 billion or $2.28 per share from $1.010 billion or $1.66 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.064 billion or $1.72 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $1.78 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased to $7.040 billion from $5.301 billion last year.

Assets Under Management as of March 31, 2024 was $671 billion, 12 percent up year over year, mainly due to $66 billion of inflows from Asset Management and $74 billion from Retirement Services.