Lazard spoke about the layoffs during its conference call for the first quarter of 2023. According to chairman and CEO Kenneth Jacobs, the company is planning to reduce its workforce by 10%.
Here’s a portion of what the Lazard CEO said about the layoffs as collected from Seeking Alpha.
“We are implementing cost-saving initiatives to right-size for the current environment and provide flexibility to strategically invest in our business.”
It’s worth pointing out that Lazard is joining a growing list of companies laying off employees. This comes as corporations prepare for a recession that could be brewing for the second half of the year.
Lazard Q1 Earnings
Lazard isn’t doing so hot today and investors can look to its earnings report for why. The company’s adjusted EPS of -26 cents is a massive miss next to Wall Street’s estimate of 26 cents per share. It’s also a major drop compared to the $1.05 reported in the same period of the year prior.
Not helping matters is Lazard’s revenue of $527 million. Yet again, that failed to reach analysts’ estimate of $549.62. It’s also a 25% decrease year-over-year (YOY) from $699 million.
LAZ stock is down 4.3% as of Friday morning and is down 11.5% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.