Blackstone just had a rough quarter—the private equity firm’s profits plummeted in all four business lines after experiencing a record-breaking year in 2015.
The NYC firm reported earnings of 23 cents per share, down from $1 per share last year, saying choppy markets pulled down the value of much of its investments and hindered its ability to sell off older holdings, the Wall Street Journal reports.
The dismal Q1 showing comes after a 70% dip in profits for Q4 '15—and besides just profits, the company's value has been sinking since the turn of 2016.
“The first quarter was a roller coaster for equity and debt markets,” Blackstone CEO Stephen Schwarzman told analysts on a conference call. “The market tantrum in the first part of the year resulted in lots of dislocation, some of which has normalized, some of which has not.” [WSJ]
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