CB Richard Ellis Posts 69% Profit Plunge
NEW YORK (
) --
CB Richard Ellis
(CBG)
posted a 69% plunge in its third-quarter profit, missing expectations.
During the quarter, the commercial real estate service firm earned $12.4 million, or 4 cents a share, compared with $40.4 million, or 19 cents, in the year-ago period.
Excluding one-time charges, the company actually earned 8 cents a share, missing Wall Street's consensus of 10 cents a share.
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Revenue sank 21% to $1.02 billion from $1.3 billion last year.
Shares of CB Richard Ellis ended the day down 6.5% to $11.46.
-- Reported by Jeanine Poggi in New York
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