RTTNews | Nov 23, 2020 07:08AM EST

07:07 Monday, November 23, 2020 (RTTNews.com) - Korn Ferry (KFY) reported that its second-quarter net income attributable to the company declined to $27.78 million or $0.51 per share from $42.80 million or $0.77 per share in the prior year.

Adjusted earnings per share were $0.54 compared to $0.81 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share. Analysts' estimates typically exclude special items.

Quarterly fee revenue was $435.4 million, a decrease of 12% from last year. The decrease in fee revenue across Executive Search, Consulting, and RPO and Professional Search, was primarily due to a decline in demand for products and services due to the impact of COVID-19 on economies around the world.

The decline in fee revenue was partially offset by an increase in Digital fee revenue, which was primarily due to the acquisition of Miller Heiman Group, AchieveForum and Strategy Execution in the third quarter of fiscal 2020.

Total revenue for the quarter dropped to $437.79 million from $504.18 million last year. Analysts expected revenues of $376.14 million for the quarter.

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