BUZZ - Lazard's stock drops due to third-quarter profit missing expectations

October 22 - ** Investment bank Lazard LAZ.N shares fell 2.6% to $36.39 after initially dropping as much as 6.1%, with losses later narrowing

** According to data compiled by London Stock Exchange Group (LSEG), Lazard (LAZ) has missed Wall Street's earnings expectations for three consecutive quarters (link) (link)

** Third quarter financial advisory revenue was $465 million, while analysts had on average expected $492 million

** CEO Peter Orszag stated that client activity and forward-looking indicators in the financial advisory business remain strong

** Investment banking fees can fluctuate significantly from quarter to quarter and are affected by the timing of deal completions. Deal timing often adjusts according to market conditions and regulatory approvals

** Since quarterly trends can be extremely volatile, banks typically assess investment banking performance over longer cycles to gauge underlying business momentum

** As of the prior trading session close, LAZ shares had fallen 23% year to date

(To assist non-English speakers, Reuters has automated the translation of its reporting into several other languages. As automated translation may contain errors or lack necessary context, Reuters does not guarantee the accuracy of automated translation texts, which are provided solely for the convenience of readers. Reuters accepts no liability for any harm or loss caused by the use of automated translation features.)