Lazard Ltd Reports First-Quarter 2023 Results
NEW YORK, April 28, 2023 – Lazard Ltd (NYSE: LAZ) today reported operating revenue1 of $527 million for the quarter ended March 31, 2023. Net loss, as adjusted2, was $23 million, or $0.26 per share, diluted, for the quarter. First-quarter 2023 net loss on a U.S. GAAP basis was $22 million, or $0.27 per share, diluted.
“The first quarter was marked by economic uncertainty and market turmoil, particularly in the financial sector,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “Asset Management is off to a solid start for the year. However, slower M&A activity resulted in significantly lower revenues in the quarter and the outlook for the year remains uncertain. We are implementing cost-saving initiatives to right-size for the current environment and provide flexibility to strategically invest in our business.”
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Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 43 cities across 26 countries in North and South America, Europe, Asia and Australia. Celebrating its 175th year, the firm provides advice on mergers and acquisitions, capital markets and other strategic matters, restructuring and capital solutions, and asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.
Judi Frost Mackey
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