What caused APO's Q2 2024 earnings to miss expectations?

Apollo Global Management's (APO) Q2 2024 earnings missed expectations due to a combination of factors:

1. **Lower Investment Gains and Premiums**: The company's earnings were impacted by lower premiums and investment-related gains compared to the previous quarter. This decline in investment gains and premiums weighed on revenue, contributing to the missed expectations.
2. **Expense Decline**: A notable decline in expenses helped offset the impact of lower premiums and investment gains. Total expenses fell to $4.89 billion from $9.18 billion in the previous quarter and $3.57 billion in the year-earlier quarter. This decline in expenses did not entirely compensate for the revenue shortfall, but it did mitigate the impact on earnings.
3. **Market Conditions**: The challenging exit environment for asset sales from Apollo's private equity portfolio likely played a role in the lower-than-expected net profit. The company's decision to prudently delay asset sales amid a difficult market environment could have contributed to the missed earnings expectations.

In summary, Apollo Global Management's Q2 2024 earnings miss was primarily caused by lower investment gains and premiums, despite a decline in expenses and market conditions influencing the outcome.