Lazard's stock plummeted 7.55% intraday on Friday after the financial advisory and asset management firm reported first-quarter 2026 adjusted earnings that fell short of analyst expectations.

The company reported adjusted earnings per share of $0.42 for the quarter, missing the consensus estimate of $0.51. This represents a 25% decline from the $0.56 per share earned in the same period a year earlier. While Lazard's quarterly revenue of $757 million exceeded some analyst forecasts, the significant earnings shortfall appears to be the primary driver behind the sharp sell-off.

The market's negative reaction highlights investor focus on profitability metrics, overshadowing other positive developments from the quarter such as net inflows into its asset management business.