Why did EVR's Q1 earnings fall short?

Evercore Partners Inc. (EVR) experienced a decline in its Q1 earnings, missing the consensus estimate, due to several key factors:

1. **Revenue Shortfall**: The company's revenue fell short of expectations, with reported revenues of $580.8 million, missing the estimated $636.38 million. This decline was primarily due to a 26% decrease in advisory fees and a 35% year-over-year drop in underwriting fees.
2. **Expenses Increase**: Despite revenue shortfalls, Evercore's non-GAAP EPS of $2.16 beat by $0.04, indicating strong cost management. However, the company's revenue of $577.8 million beat by $3.72 million, showing a slight increase in operational expenses.

In summary, Evercore's Q1 earnings fell short primarily due to revenue shortfall and increased expenses.