Evercore stock dips after earnings and revenue fall short of analyst views, but the bank is hiring

Evercore Inc. (EVR) stock was down 3% in pre-market trading on Wednesday after the investment bank's second-quarter profit and revenue fell short of estimates, while the bank said it hired more senior managing directors in anticipation of an increase in deal-making. Evercore said its profit for the three months ended June 30 dropped by 61% to $37.21 million, or 95 cents a share, from $95.63 million, or $2.33 a share, in the year-ago quarter. Evercore was expected to earn $1.26 a share, according to FactSet research. Revenue at Evercore dropped to $503.6 million from $635.18 million, below the analyst target of $512.9 million. Evercore said seven advisory senior managing directors joined the firm during the quarter, and an additional six advisory senior managing directors committed to work at the bank. "It has been an extraordinary time to recruit exceptional talent and we are proud of our hiring success so far this year, positioning the firm for when the market recovers," said Evercore CEO John S. Weinberg. Senior chairman Robert Altman said the firm has done more external hiring in 2023 at the senior managing director level than any time in the bank's history.

-Steve Gelsi

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07-26-23 0756ET

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