On August 5, Apollo Global Management LLC fell 3.21% in regular trading, trading at $128.93/share, with turnover of $99.99 million. The stock had earlier gained over 3% on strong revenue figures before reversing course as earnings concerns took hold.

The company reported Q2 results on August 4, posting adjusted EPS of $2.11, representing a 9.9% year-over-year increase but falling short of analyst consensus estimates of $2.16 to $2.17. While total revenue of $111.5 billion massively exceeded the $56.9 billion market expectation with 63.7% year-over-year growth, the earnings shortfall raised concerns over expense management, prompting intraday profit-taking. Fee-related earnings of $785 million grew 25.2% year-over-year, also above expectations. The company also disclosed that its latest flagship private equity fund has raised over $12 billion, and that redemption demand for its non-traded private credit fund has halved compared to the prior tender offer period. Piper Sandler raised its price target from $156 to $159, maintaining an Overweight rating.

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