Korn Ferry hits near two-month low on downbeat forecast

Korn Ferry

08/12/2022 15:00

** Shares of executive search firm Korn Ferry  KFY.N  drops
8.6% at $49.3 in early trade - hitting lowest level since Oct 13
    ** Co forecasts Q3 of FY23 EPS in the range 40 cents/shr to
66 cents/shr vs analysts estimates of $1.32/shr, as per
Refinitiv data
    ** Also forecasts Q3 rev to be in the range $660 mln to $690
mln, vs estimates of $693 mln
    ** Co says macroeconomic headwinds including rising interest
rates and global inflation present uncertainty; expects to
implement a plan in Q3, but does not anticipate any meaningful
run-rate savings to begin until Q4
    ** KFY reports Q2 adj. earnings of 1.43/shr, marginally
beating street estimates of $1.41/shr
    ** Stock down 34.5% YTD
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))