KKR shares fall after firm misses revenue target, posts loss

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KKR & Co. Inc. KKR, +0.13% shares dropped 4.3% on Tuesday after the private equity firm said it swung to a second-quarter loss of $827.93 million, or $1.22 from net income of $1.28 billion, or $2.05 a share, in the year-ago quarter. Revenue fell to $330.04 million from $3.14 billion. KKR said it lost $1.68 billion on its investments in the quarter, compared to a gain of $3.46 billion in the year-ago period. After-tax distributable earnings fell 9% to $840 million, or 95 cents a share on an adjusted basis. KKR matched the Wall Street estimate of 95 cents a share but fell well short of the revenue estimate of $1.78 billion. During the quarter, KKR drew in $25 billion in fresh capital and $52 billion in the first half of 2022. Real assets AUM has increased 50% to $114 billion over the past 12 months as the firm diversifies. “With solid business fundamentals and a record $115 billion of dry powder, we continue to be well positioned against a complex backdrop,” said co-CEOs Joseph Y. Bae and Scott C. Nuttall.

This article was originally published by Marketwatch.com. Read the original article here.

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