Apollo Global Management, LLC on Wednesday reported Q2 results that came in below market expectations, sending its shares down over 1% following the open. Q2 economic net income fell to $0.46 per share from $0.98 per share a year earlier, missing analysts’ estimate of $0.49 per share in a Capital IQ poll.
Revenues declined to $418.8 million from $635.0 million, also coming in lower than the $455.3 million estimate. The company said it would pay a cash distribution of $0.52 per Class A share for Q2. That compares with $0.49 cash distribution in the previous quarter.