Profit drops 20% at Korn/Ferry
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Korn/Ferry International said its fiscal second-quarter profit fell 20% as the financial crisis and overall economic weakness damped demand for the Los Angeles staffing company’s services.
Net income declined to $13.6 million, or 30 cents a share, from $17.1 million, or 37 cents, a year earlier. Revenue slipped 3.4% to $199.7 million.
Analysts polled by Thomson Reuters predicted earnings of 29 cents a share on revenue of $206 million.
Korn/Ferry said the global economic and financial crisis hurt business, and the average fee billed per executive search decreased by 4.5%, compared with a year earlier. Unfavorable exchange rates had an impact as well.
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