11X Stock Market Accelerator Summit

Eric Fry reveals how an A.I.-based secret could make you up to 11 times RICHER on the same stocks you’re investing in now… without using options, leverage, or anything risky.

Wed, September 27 at 8:00PM ET

Lazard Layoffs 2023: What to Know About the Latest LAZ Job Cuts


  • Lazard (LAZ) layoffs are coming for 10% of its employees.
  • This comes as the company seeks to reduce costs.
  • It also missed estimates for Q1 2023.
Lazard Layoffs - Lazard Layoffs 2023: What to Know About the Latest LAZ Job Cuts

Source: Stock-Asso / Shutterstock.com

Lazard (NYSE:LAZ) layoffs are in the news as the global financial services company reveals job cuts as a way to reduce costs.

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.

Investors seeking out all of the hottest stock market news today are in luck!

We’ve got all of the biggest stock market stories traders need to know about on Friday! That includes why shares of Exela Technologies (NASDAQ:XELA), Pinterest (NYSE:PINS), and Constellation Brands (NYSE:STZ) stock are moving today. We’ve got all that news read to go below!

More Friday Stock Market News

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/lazard-layoffs-2023-what-to-know-about-the-latest-lzd-job-cuts/.

©2023 InvestorPlace Media, LLC