UPDATE: Jefferies Reports 3.8% Decline In FQ2 Profit

Jefferies Group Inc JEF reported a 3.8% drop in its fiscal second-quarter profit on Tuesday. Jefferies reported its quarterly profit at $80.6 million, or $0.36 per share, down from $83.8 million, or $0.41 per share, in the year-earlier period. Excluding charitable contributions and acquisition costs, the company's earnings came in at $0.39 per share. Its revenue surged 8.9% to $727.2 million. However, analysts were expecting earnings of $0.40 per share on revenue of $727 million. Jefferies' revenue from its investment banking arm jumped 28% to $328.4 million, while fixed income revenue increased 2% to $223.1 million. Jefferies shares closed at $21.25 yesterday. Read more from Benzinga's Company news.