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Oppenheimer Q3 revenue falls 10% on weaker investment banking, trading

By Reuters News


Overview

  • US investment bank's Q3 revenue fell 10% yr/yr on lower investment banking and trading activity

  • Q3 net income and EPS declined sharply from prior year

  • Quarterly results impacted by a pre-tax expense linked to stock price increase


Outlook

  • Company says interest rate uncertainty and inflation concerns may impact investor activity

  • Company notes IPO activity may remain subdued amid market and political uncertainty

  • Company sees corporate clients remaining cautious on strategic transactions and capital raising


Result Drivers

  • LOWER INVESTMENT BANKING AND TRADING - Co said Q3 revenue decline was mainly due to reduced investment banking and trading revenues

  • HIGHER STOCK-BASED COMPENSATION - Co said pre-tax expense associated with long-term employee incentive compensation linked to share price impacted Q3 results

  • HIGHER ADVISORY FEES - Co said increased advisory fees partially offset revenue declines, driven by record-high AUM


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

$382 mln

Q3 Adjusted EPS

$1.81

Q3 EPS

$0.47

Q3 Net Income

$5.46 mln


Reuters Recommended Reads

  • Oct 28 - Houlihan Lokey Q2 results beat estimates on higher transaction fees

  • Oct 29 - Perella Weinberg Q3 revenue beats estimates on fee events

  • Oct 29 - Cable maker Prysmian raises full-year outlook after Q3 beats forecasts


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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