Lazard Down 7% After Earnings Miss Estimates

Shares of Lazard

are down more than 7% after the company's earnings missed analyst estimates. Lazard Ltd today reported operating revenue of $1,884 million for the year ended December 31, 2011. Net income, as adjusted, was $179 million, or $1.31 per share, for the full year. Fourth quarter operating revenue1 was $469 million. Net income, as adjusted was $1.4 million, or $0.01 per share, for the fourth quarter of 2011. Net income on a U.S. GAAP basis was $175 million, or $1.36 per share, for the full year of 2011 and was a loss of $5 million, or $0.04 per share, for the fourth quarter of 2011.