Apollo Global Management stock up 5% following Q3 earnings, revenue beat

NEW YORK - Apollo Global Management, Inc. (NYSE:APO ) reported strong third-quarter results that exceeded analyst expectations, driving its stock up 5% Tuesday in response.

The global alternative asset manager posted adjusted earnings per share of $1.81, surpassing the consensus estimate of $1.73 by $0.08.

Revenue for the quarter reached $7.77 billion, significantly outperforming the analyst projection of $4.13 billion. This impressive revenue figure represents a substantial increase from the same period last year, though the exact YoY percentage change was not provided in the available data.

CEO Marc Rowan expressed confidence in the company's performance, stating, "Our strong third quarter results reflect broad-based momentum across the platform. We are building a next-generation financial services business uniquely positioned to win across massive market opportunities."

Apollo declared a cash dividend of $0.4625 per share of its Common Stock for the third quarter, payable on November 29, 2024, to shareholders of record as of November 18, 2024. Additionally, the company announced a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, set for payment on January 31, 2025.

As of September 30, 2024, Apollo reported approximately $733 billion of assets under management, highlighting the company's significant scale in the alternative asset management industry.

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Source: Investing.com