Korn Ferry Q3 revenues fall eight percent

As the pandemic continues to impact executive search firms around the world, Korn Ferry posts an eight percent fiscal Q3 revenue loss.

Korn Ferry has posted fiscal third quarter revenues of $475.4 million, an eight percent decrease from the same period a year ago. While RPO and professional search (mid level roles) saw a year-over-year increase of almost four percent, digital and executive search declined year-over-year as those businesses continued on a path to recovery from the impact of COVID-19 on economies around the world.

Korn Ferry recorded net income to be $51.3 million, compared to net income of $20 million in the third quarter of last year.

“Our performance for the fiscal third quarter demonstrates the resilience of our business and continued extension of our brand, with strong sequential fee revenue growth of nine and our earnings and profitability reaching record highs,” said Gary D. Burnison, CEO. “I am incredibly proud of the tireless commitment that all our Korn Ferry colleagues have shown in helping our clients re-imagine their organizational structures, recruit and retain talent and develop their people in the face of extraordinary challenges.”

“In a post-pandemic world, there will continue to be heightened demand for transformational consulting skills and expertise,” Mr. Burnison said. “The steps we have taken to evolve our business into a more efficient, profitable, growth-oriented organization have positioned Korn Ferry to provide our clients with unparalleled expertise, data, and innovation support. With people at the centre of our strategy, we are achieving our growth objectives, delivering long-term value creation to shareholders and establishing Korn Ferry as the preeminent global organizational consultancy.”

During the quarter, Korn Ferry repurchased $7.6 million of stock. The search firm also declared a quarterly dividend of $0.10 per share on February 21, 2021 payable on April 15, 2021 to stockholders of record on March 10, 2021.