NEW YORK (AP) — NEW YORK (AP) — Blackstone Inc. (BX) on Thursday reported second-quarter net income of $1.23 billion.

On a per-share basis, the New York-based company said it had net income of $1.54. Earnings, adjusted for non-recurring gains, were $1.52 per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.

The investment manager posted revenue of $5.04 billion in the period. Its adjusted revenue was $3.8 billion, which also beat Street forecasts. Six analysts surveyed by Zacks expected $3.37 billion.

Blackstone Inc. shares have decreased 20% since the beginning of the year.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BX at https://www.zacks.com/ap/BX