NYSE$LAZ
Lazard Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Lazard reported a net loss of $22 million and operating revenue of $527 million.
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.
Headline financials
Revenue & EPS history
Lazard · Revenue · Quarterly
$562M
Revenue by segment
Lazard · $539M total across 2 segments · Q1 2023
- Financial Advisory$274M—50.8%
- Asset Management$265M—49.2%
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.
Headwinds
- Economic uncertainty
- Market turmoil
- Slower M&A activity
- Significantly lower revenues
- Uncertain outlook for the year
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.8%
Avg return
Earnings day
+0.1%
Avg return
5 days after
-1.2%
Avg return
30 days after
55%
38 / 69 earnings
Positive
+11.8%
Q2 2024
Best reaction
-11.3%
Q4 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.6% | -4.0% | -2.9% | |
| Q4 2025 | +2.3% | -0.5% | -3.8% | |
| Q3 2025 | -1.4% | -1.6% | -3.7% | |
| Q2 2025 | -0.2% | -3.0% | +0.3% | |
| Q1 2025 | -3.1% | -2.4% | +7.9% | |
| Q4 2024 | +4.6% | -1.0% | -4.9% | |
| Q3 2024 | +5.2% | +4.9% | +14.6% | |
| Q2 2024 | +11.8% | +11.2% | +15.2% | |
| Q1 2024 | -0.8% | -2.0% | +5.9% | |
| Q4 2023 | +5.2% | +1.0% | +0.5% | |
| Q3 2023 | +4.1% | +0.8% | +0.1% | |
| Q2 2023 | -1.1% | -3.2% | -9.4% | |
| Q1 2023 | -3.5% | -7.7% | -11.0% | |
| Q4 2022 | -1.8% | -5.9% | -7.6% | |
| Q3 2022 | +6.5% | +3.6% | +1.5% | |
| Q2 2022 | +8.8% | +9.3% | +6.5% | |
| Q1 2022 | -2.1% | +1.5% | +6.2% | |
| Q4 2021 | -3.9% | -4.3% | -21.4% | |
| Q3 2021 | -7.2% | -7.2% | -16.0% | |
| Q2 2021 | +5.9% | +3.6% | +6.5% | |
| Q1 2021 | -3.0% | -0.9% | +1.5% | |
| Q4 2020 | -2.2% | -4.3% | -5.9% | |
| Q3 2020 | +0.4% | +7.0% | +13.2% | |
| Q2 2020 | +10.1% | +12.7% | +14.9% | |
| Q1 2020 | -9.0% | -10.7% | -3.4% | |
| Q4 2019 | -1.7% | -0.8% | -16.1% | |
| Q3 2019 | -2.8% | +0.9% | +0.5% | |
| Q2 2019 | +2.3% | +2.4% | -11.3% | |
| Q1 2019 | +4.9% | +3.4% | -11.5% | |
| Q4 2018 | -5.6% | -6.1% | -14.2% | |
| Q3 2018 | -3.5% | -1.3% | +0.6% | |
| Q2 2018 | +0.6% | +3.4% | -7.8% | |
| Q1 2018 | +3.1% | +6.1% | +4.6% | |
| Q4 2017 | -0.8% | -3.0% | -10.1% | |
| Q3 2017 | +4.3% | +5.0% | +5.0% | |
| Q2 2017 | -3.9% | -2.7% | -11.9% | |
| Q1 2017 | -3.1% | -2.0% | +1.5% | |
| Q4 2016 | +1.0% | +1.7% | -0.1% | |
| Q3 2016 | +0.8% | +0.4% | +9.0% | |
| Q2 2016 | +7.0% | +1.0% | +9.5% | |
| Q1 2016 | -5.7% | — | — | |
| Q4 2015 | -11.3% | — | — | |
| Q3 2015 | +7.7% | — | — | |
| Q2 2015 | -2.8% | — | — | |
| Q1 2015 | -1.2% | — | — | |
| Q4 2014 | +4.0% | — | — | |
| Q3 2014 | +1.1% | — | — | |
| Q2 2014 | +4.4% | — | — | |
| Q1 2014 | +6.5% | — | — | |
| Q4 2013 | +1.1% | — | — | |
| Q3 2013 | +6.1% | — | — | |
| Q2 2013 | +6.3% | — | — | |
| Q1 2013 | -0.4% | — | — | |
| Q2 2012 | -0.0% | — | — | |
| Q4 2012 | +1.9% | — | — | |
| Q3 2012 | +1.8% | — | — | |
| Q1 2012 | -4.2% | — | — | |
| Q2 2011 | -0.4% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | +8.9% | — | — | |
| Q1 2011 | +2.1% | — | — | |
| Q1 2010 | +2.1% | — | — | |
| Q2 2010 | +0.8% | — | — | |
| Q4 2010 | +0.8% | — | — | |
| Q4 2008 | +0.8% | — | — | |
| Q3 2009 | -3.1% | — | — | |
| Q3 2010 | -3.1% | — | — | |
| Q4 2009 | +1.5% | — | — | |
| Q2 2009 | +1.5% | — | — |
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