PJT Partners Inc. (PJT) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $9.71 million in the quarter, against a net profit of $41.89 million in the last year period. On an adjusted basis, net profit for the quarter was $16.80 million, when compared with $47.20 million in the last year period. Revenue during the quarter dropped 17.63 percent to $121.35 million from $147.32 million in the previous year period.
Cost of revenue plunged 38.50 percent or $4.06 million during the quarter to $6.48 million. Gross margin for the quarter expanded 181 basis points over the previous year period to 94.66 percent.
Operating margin for the quarter stood at negative 6.96 percent as compared to a positive 22.62 percent for the previous year period.
Paul J. Taubman, chairman and chief executive officer, said, "We continue to be pleased with the progress we have made since becoming an independent, public company. Clients around the globe are increasingly turning to PJT Partners for sophisticated financial advice and our year-to-date results reflect the positive momentum in our business. We remain confident in our near, intermediate and long term prospects."
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