Investment advisory firm Lazard's shares climbed eight per cent today after it posted better-than-expected first quarter results.
Overall revenue at the New York-listed company fell 14 per cent to $620m (£480m), while analysts had predicted a figure of $589m according to Yahoo Finance.
Investors were cheered by the news that Lazard’s key mergers and acquisitions (M&A) advisory business grew by nine per cent in the US, where the value of deals announced in the first quarter totalled $490bn.
The eight per cent rise in the firm’s share price took it to $40.59.
Its adjusted earnings per share for the three months to 31 March were $0.87, a fall of 31 per cent from the $1.26 figure of a year earlier. However, Lazard’s first quarter earnings were better than the $0.65 predicted by analysts.
“Our first quarter results reflect the equity markets’ recovery from their fourth-quarter dislocation, and uneven advisory activity across geographies,” said Kenneth Jacobs, chief executive of Lazard.
“We continue to invest in our people and capabilities to enhance our competitive edge and build value for all our stakeholders,” he said.