Apollo Global Management's Stock Soars 5% After Beating Q3 Earnings and Revenue Expectations

NEW YORK - Apollo Global Management, Inc. (NYSE:APO) reported strong third-quarter results that exceeded analyst expectations, leading to a 5% increase in its stock price on Tuesday.

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

Revenue for the quarter reached $7.77 billion, significantly exceeding the analyst estimate of $4.13 billion. This impressive revenue figure represents a substantial increase compared to the same period last year, although precise annual percentage changes were not specified in the current data.

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

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

As of September 30, 2024, Apollo reported approximately $733 billion in assets under management, highlighting its significant scale in the alternative asset management sector.