Lazard Q1 2023 Earnings Report
Key Takeaways
Lazard Ltd reported a challenging first quarter of 2023, marked by economic uncertainty and market turmoil, particularly in the financial sector. The company's net loss was $22 million, or $0.27 per share, diluted. Operating revenue for the quarter was $527 million, a 25% decrease compared to the first quarter of 2022. The company is implementing cost-saving initiatives to improve profitability.
First-quarter operating revenue was $527 million.
Net loss, as adjusted, was $23 million, or $0.26 per share, diluted.
Asset Management had a solid start to the year.
Slower M&A activity resulted in significantly lower revenues.
Lazard
Lazard
Lazard Revenue by Segment
Forward Guidance
Lazard is implementing cost-saving initiatives which are expected to result in the reduction of approximately 10% of their workforce over the course of 2023. The company expects their awarded compensation ratio for the full-year 2023 to be in the mid-60s percentage range.
Challenges Ahead
- Economic uncertainty
- Market turmoil
- Slower M&A activity
- Significantly lower revenues
- Uncertain outlook for the year
Revenue & Expenses
Visualization of income flow from segment revenue to net income