UPDATE: Apollo Global Posts Weak Q2 Profit

Apollo Global Management LLC APO reported downbeat second-quarter profit. The New York-based company posted a quarterly profit of $71.7 million, or $0.33 per Class A share, versus a year-ago profit of $58.7 million, or $0.32 per share. Its economic net income tumbled to $207.5 million, or $0.52 per share, from $220.1 million, or $0.56 per share. Analysts were expecting earnings of $0.66 per share. Total revenue for Apollo's combined segments rose 14% to $579.1 million, while revenue for Apollo's Management Business jumped 23% to $299.7 million. Apollo's credit segment had an economic net income of $144.3 million in the quarter, up from $67.4 million in the year-ago period. Apollo's real estate segment generated an economic net income of $3.6 million, versus an economic net loss of $1.4 million. As of June 30, Apollo Global's assets under management increased to $167.5 billion, versus $113.1 billion in the previous year. "In the current market environment, just as we have done throughout all market cycles since Apollo's founding in 1990, we remain disciplined and patient as we seek attractive opportunities by utilizing the firm's integrated global platform and value-oriented investment approach. During the first half of 2014, the funds we manage have already invested or committed more than $7 billion in aggregate across Apollo's businesses,” said Leon Black, Chairman and Chief Executive Officer. Apollo Global shares fell 2.86% to $25.15 in pre-market trading.