UPDATE: Apollo Global Posts Drop In Q4 Profit

Apollo Global Management LLC APO reported a 7.2% drop in its fourth-quarter profit. Apollo Global's quarterly profit declined to $159.2 million, or $0.93 per share, versus a year-ago profit of $171.5 million, or $1.12 per share. Its economic net income slipped to $1.06 per share from $1.69 per share. However, analysts were expecting economic net income of $0.82 per share. Its revenue fell 31% to $795.1 million. Apollo Global shares gained 1.16% to $32.20 in pre-market trading.