Houlihan Lokey (HLI) reported fiscal Q1 adjusted earnings late Wednesday of $1.35 per diluted share, down from $2.14 a year earlier.
Analysts polled by FactSet expected $1.64.
Revenue in the three months ended June 30 fell to $511 million from $605 million a year earlier.
Analysts expected $602.4 million.
Houlihan Lokey shares fell 6.6% in after-hours trading.
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