Cushman & Wakefield Q1 2023 Earnings Report
Key Takeaways
Cushman & Wakefield reported a decrease in revenue and a net loss for the first quarter of 2023. Revenue decreased by 4% to $2.2 billion, and the company experienced a net loss of $76.4 million, compared to a net income of $45.5 million in the same quarter of the previous year. The decline was primarily due to lower brokerage revenue, particularly in Leasing and Capital Markets, although Property, facilities and project management grew. The company is focused on operating efficiency and cost savings initiatives to navigate the challenging environment.
Revenue decreased by 4% to $2.2 billion, with service line fee revenue down 12%.
Net loss was $76.4 million, with a diluted loss per share of $0.34.
Adjusted EBITDA decreased by 72% to $60.9 million.
The company generated $21 million of gross cost savings and expects $90 million annualized.
Cushman & Wakefield
Cushman & Wakefield
Cushman & Wakefield Revenue by Segment
Forward Guidance
Cushman & Wakefield expects to realize annualized gross cost savings of $90 million for the full year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income