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LAZ NYSE· Lazard Inc.
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LAZ NYSE· Lazard Inc.
Earnings report Q4 2023

Lazard Reports Decrease in Revenue for Latest Quarter

Segments of revenue

Lazard's revenue for the latest quarter was $2.51 billion. The breakdown of revenue by segment is as follows:

  • Financial Advisory: Generated $1.39 billion in net revenue, representing a decrease from the previous year's $1.67 billion.
  • Asset Management: Generated $1.15 billion in net revenue, also showing a decrease from the previous year's $1.20 billion.
  • Corporate: Reported a net revenue loss of $21.36 million, compared to a loss of $97.51 million in the previous year.

Strengths

Despite the overall decrease in revenue, Lazard's Financial Advisory segment remained the largest contributor, generating $1.39 billion in net revenue. The company's management highlighted the completion of 47 M&A transactions with values greater than $500 million, indicating a strong deal flow. Additionally, Lazard maintained a diverse client base, with no individual client accounting for more than 10% of Financial Advisory segment net revenue.

Challenges

Lazard faced challenges in its Asset Management segment, which experienced a decrease in net revenue from the previous year. This decline may be attributed to market volatility and increased competition in the asset management industry. The Corporate segment also continued to report net revenue losses, indicating ongoing challenges in that area.

Noteworthy

Lazard's overall revenue for the latest quarter decreased to $2.51 billion, compared to $2.77 billion in the previous year. This decline can be attributed to lower net revenue in both the Financial Advisory and Asset Management segments. The company's management has implemented cost-saving initiatives, as mentioned in the notes to the financial statements, to address operating expenses and improve profitability.

Summary

Lazard reported a decrease in revenue for the latest quarter, with net revenue totaling $2.51 billion. While the Financial Advisory segment remained the largest contributor, the company faced challenges in its Asset Management and Corporate segments. Lazard's management highlighted a strong deal flow in the Financial Advisory segment, but market volatility and increased competition impacted the Asset Management segment's performance. The company's ongoing cost-saving initiatives aim to address operating expenses and improve profitability.

Source documents

Form 10-K  filed on Feb 23, 2024
76 pages scanned

Reference data

Company financials Q4 revenue 810M
Analyst estimates Q4 EPS beat by 311.83%
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