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By Miriam Gottfried Blackstone Group Inc. swung to a record quarterly profit as its focus on rapidly growing companies helped the value of its investments climb more than the broader market. The investment giant posted net income of $1.75 billion, or $2.46 a share, for the first quarter. That compares with a loss of $1.07 billion, or $1.58 a share, in the coronavirus-battered first quarter of 2020. The value of Blackstone s private-equity portfolio climbed by 15.3% in the latest period, far exceeding the 5.8% gain for the S&P 500. The firm s recent emphasis on growth companies, including online-dating platform Bumble Inc. and genealogy company Ancestry.com Inc., propelled the gains, Blackstone President Jonathan Gray said in an interview.
Provided by Dow Jones
By Miriam Gottfried Blackstone Group Inc. swung to a record quarterly profit as its focus on fast-growing companies helped the value of its investments climb more than the broader market. The investment giant posted net income of $1.75 billion, or $2.46 a share, for the first quarter. That compares with a loss of $1.07 billion, or $1.58 a share, in the coronavirus-battered first quarter of 2020. The value of Blackstone s private-equity portfolio climbed by 15.3% in the latest period, far exceeding the 5.8% gain for the S&P 500. The firm s recent emphasis on growth companies, including online-dating platform Bumble Inc. and genealogy company Ancestry.com Inc., propelled the gains, Blackstone President Jonathan Gray said in an interview.
Provided by Dow Jones
By Miriam Gottfried Blackstone Group Inc. swung to a record quarterly profit as its focus on rapidly growing companies helped the value of its investments climb more than the broader market. The investment giant posted net income of $1.75 billion, or $2.46 a share, for the first quarter. That compares with a loss of $1.07 billion, or $1.58 a share, in the coronavirus-battered first quarter of 2020. The value of Blackstone s private-equity portfolio climbed by 15.3% in the latest period, far exceeding the 5.8% gain for the S&P 500. The firm s recent emphasis on growth companies, including online-dating platform Bumble Inc. and genealogy company Ancestry.com Inc., propelled the gains, Blackstone President Jonathan Gray said in an interview.