By Connor Hart
Lazard logged lower profit and revenue in the third quarter but said the business environment is improving overall, as clients are increasingly engaging with the firm.
The financial-services company on Thursday posted a profit of $71.2 million, or 65 cents a share, compared with $107.9 million, or $1.02 a share, a year earlier.
Stripping out certain one-time items, adjusted earnings came in at 56 cents a share. Analysts polled by FactSet expected adjusted EPS of 44 cents a share.
Net revenue slipped 6% to $748.1 million but topped the $717.6 million that Wall Street modeled.
Revenue across the company's financial advisory arm climbed 15% to $427 million, and asset-management revenue rose 11% to $327 million.
"We see an increasingly constructive environment for both of our businesses, with substantial client engagement firmwide," Chief Executive Peter Orszag said, adding the company's long-term strategy is gaining momentum and producing results.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 23, 2025 07:07 ET (11:07 GMT)
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