Lazard (NYSE:LAZ) has announced a significant increase in net revenue, reporting $785 million for the third quarter ending September 30, 2024.
This marks a substantial rise from the $524 million recorded in the same quarter last year.
Year-to-date, Lazard’s firm-wide adjusted net revenue grew by 24%, showcasing the company’s ongoing recovery and expansion across its divisions.
A standout in Lazard's third-quarter performance was its financial advisory segment, which reported a 39% year-to-date revenue increase.
Meanwhile, Lazard's net income reached $108 million for the quarter, translating to $1.02 per share.
When adjusted for non-recurring gains, earnings were 38 cents per share, falling short of the 41 cents per share anticipated by analysts polled by Zacks Investment Research.
In addition to its revenue gains, Lazard’s asset management division reported an 8% increase in assets under management (AUM) compared to the previous year.