Jefferies misses revenue expectations but sees more 'green shoots' -- Jefferies Financial Group Inc (NYSE:JEF) shares were falling after the company reported third quarter revenue that came in below expectations but said it believes it has come off the bottom of the cycle.

Revenue of $1.18 billion was down 22% from last year's third quarter versus expectations for $1.25 billion. Earnings per share were 22 cents.

Shares were down 3.4% in after-hours trading.

The Wall Street firm said investment banking revenue was $645 million, up 28% on improved mergers and acquisitions activity and a more receptive leveraged finance and new issue market, it said. "The green shoots we mentioned last quarter have multiplied."

Capital markets revenue of $524 million was "solid," the company's CEO Richard Handler and President Brian Friedman said. "We have made ongoing investments in sales, trading, and research across the globe. As expected, we have kept our risk manageable throughout the volatility and are consistent in our passion to keep our balance sheet simple, clean and highly liquid."

The two added: "We are increasingly optimistic that we have come off the bottom of the cycle and that momentum in investment banking will continue."

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