Lazard slips after Q3 profit misses expectation
BUZZ-Lazard slips after Q3 profit misses expectation ** Investment bank Lazard's LAZ.N shares fall 2.6% to $36.39, paring losses after falling as much as 6.1%
** LAZ missed Wall Street's profit expectations for the third straight quarter, according to data compiled by LSEG
** Financial advisory revenue stood at $465 million in Q3, compared with the average analyst expectation of $492 million
** Client activity and forward indicators remain strong within financial advisory — CEO Peter Orszag
** Investment banking fees can be lumpy from quarter to quarter and are influenced by when deals close. Transaction timing can often move around due to market conditions and regulatory approvals
** Banks tend to look at investment banking performance over a longer time frame to gauge underlying business momentum as quarterly trends can fluctuate sharply
** As of last close, LAZ stock down 23% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
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Lazard slips after Q3 profit misses expectation
Lazard, Inc. reports results for the quarter ended September 30 - Earnings Summary