Perella Weinberg shares slip after first-quarter revenue falls 30%

7 articles · Updated · MarketWatch · May 1

The stock dropped 6.2% to $21.34 in premarket trading after the investment bank reported $148.9 million in revenue for the quarter ended 31 March, below FactSet analysts' $158.8 million estimate.
Adjusted earnings were 5 cents a share, missing Wall Street expectations of 17 cents, as fewer fee-paying clients and weaker deal closings hit mergers and acquisitions, financing and capital solutions.
Despite Friday's premarket decline, Perella Weinberg shares had risen 31% this year through Thursday's close, highlighting a sharp market reaction to the weaker-than-expected quarterly results.

With revenue plunging 30%, can Perella Weinberg's record deal backlog actually deliver profits in a tough M&A market?

Is Perella Weinberg's earnings miss a warning that the M&A market recovery is only a story for the mega-deals?