Lazard Posts $29.2 Million Q3 Profit, Misses Analyst Estimates on Earnings and Revenue

Lazard, Inc. (LAZ) reported third-quarter profit of $29.2 million, or 26 cents per share, falling short of Wall Street expectations. Adjusted earnings of 36 cents per share missed the average estimate of 43 cents from three analysts surveyed by Zacks Investment Research. The New York-based financial advisory firm posted revenue of $836.4 million for the period, with adjusted revenue of $804.6 million. Both figures also came in below Street forecasts, which expected $837 million. The earnings miss adds pressure on the investment bank amid a challenging dealmaking environment.