Korn Ferry drops on weak Q1 profit forecast

Korn Ferry

27/06/2023 15:08

(Updates)
    ** Shares of executive search firm Korn Ferry  KFY.N  fall
as much as 4.4% to almost a month low of $48.66; Stock last down
~4%
    ** Co forecasts Q1 profit below Wall Street estimates, hurt
by rising operating expenses and declining fee revenue in
segments such as leadership development as well as executive
search and permanent placement
    ** Expects Q1 adjusted EPS in the range of 84 cents to $1,
while analysts' on an average estimate $1.02, per Refinitiv data
    ** However, projects Q1 revenue above analysts' estimates
after beating Q4 revenue expectations
    ** Also posts adjusted EPS in-line with analysts' estimates
    ** Stock has fallen 3.4% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))