Jefferies got hammered again ? and lost money trading on 23 out of 63 days last quarter

Investment bank Jefferies has reported earnings for its fourth quarter, and the numbers are not pretty.

The firm reported net earnings of $25 million for the quarter ended November 30. That is up on the previous quarter, when the bank reported a measly $2.5 million in earnings, and up on the same quarter last year, when the firm reported a $100 million loss.

Still, the most recent quarter represents a weak performance for the firm.

Rich Handler, chairman and chief executive officer, and Brian Friedman, chairman of the executive committee, said a statement: "Our full year results did not meet our expectations and we have made significant changes and are committed to improving our performance in 2016."

There were some bright spots in the quarter. Advisory revenues came in at $210.7 million, up more than a third from the previous quarter and almost $100 million ahead of the same quarter a year earlier.

But those gains were offset by the pain in fixed income. Fixed income sales and trading revenues came in at $8.5 million, which compares with $123.7 million in equity sales and trading revenues and $372.9 million in revenues from M&A and equity and debt capital markets.

"Fixed Income, which has been a solid to excellent business for Jefferies in prior years, did not perform well in 2015," Handler and Friedman said.

The bank lost money on 23 out of 63 trading days across its last quarter, excluding KCG, which it owns a stake in. That represents more than third of the days it made trades, and compares to 18 losing trading days last quarter, and 16 the previous year.

The results highlight the difficult trading conditions of the past few months.

What's more: it doesn't factor in any trading from the month of December, which, so far, has been extremely turbulent for hedge funds and bank trading desks alike.

Jefferies did not respond to a request for comment in time for publication.