RTTNews | May 4, 2021 08:27AM EDT

08:26 Tuesday, May 4, 2021 (RTTNews.com) - Apollo Global Management Inc. (APO) Tuesday reported a swing to profit for the first quarter from loss last year on surge in revenue.

The company reported first-quarter net profit attributable to the company of $678.89 million compared to net loss of $996.22 million in the prior year. On a per share basis, earnings were $2.81, up from $0.65 per share in the previous year.

On average, 16 analysts polled by Thomson Reuters expected the company the to report $0.57 per share. Analysts reports usually exclude special items. Revenue for the quarter increased to $2.294 billion compared to negative revenue of $1.469 billion in the previous year. Wall Street was projecting $580 million.

Apollo has declared a cash dividend of $0.50 per share of its Class A Common Stock to be paid on May 28, 2021 to holders on record May 20, 2021.

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