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View All NewsKorn Ferry revenue jumps in fiscal first quarter; economic recovery from Covid drives growth
Korn Ferry (NYSE: KFY), a global provider of executive search, consulting, RPO and other services, reported fee revenue jumped 63.5% in constant currency in its fiscal first quarter ended July 31. The increase was 70.1% on a reported basis.
Korn Ferry reported growth was fueled by the recovery from Covid-19 and what it said was the increasing relevance of its solutions.
| (US$ thousands) | Q1 2022 | Q1 2021 | % change | % constant currency |
| Fee revenue | $585,395 | $344,097 | 70.1% | 63.5% |
| Reimbursed expenses | $2,703 | $2,786 | -3.0% | |
| Total revenue | $588,098 | $346,883 | 69.5% | |
| Net income/loss | $76,397 | ($30,855) | nm |
Korn Ferry noted it had a restructuring charge of $27.5 million in the first quarter of last year but no restructuring charge in the most-recent quarter.
Fee revenue by segment
| (US$ thousands) | Q1 2022 | Q1 2021 | % change | % constant currency |
| Consulting | $148,478 | $99,318 | 49.5% | 44.1% |
| Digital | $80,671 | $55,973 | 44.1% | 38.6% |
| Total executive search | $216,904 | $120,143 | 80.5% | 73.8% |
| RPO and professional search | $139,342 | $68,663 | 102.9% | 93.5% |
Demand for executive search services in North America has exceeded pre-pandemic levels, the company reported.
Fee revenue by geography
| (US$ thousands) | Q1 2022 | Q1 2021 | % change | % constant currency |
| North America | $138,678 | $69,315 | 100.1% | 97.9% |
| Europe, the Middle East and Africa | $42,747 | $30,081 | 42.1% | 31.0% |
| Asia Pacific | $28,703 | $17,252 | 66.4% | 55.9% |
| Latin America | $6,776 | $3,495 | 93.9% | 81.3% |
Guidance
Korn Ferry forecast second-quarter revenue would rise between 34% and 41% to between $585.0 million and $615.0 million.
Share price and market cap
Shares in Korn Ferry were up 1.21% to $73.85 as of 1:55 p.m. Eastern time; they set a new 52-week high during today's trading session when they reached $76.50, according to FT.com. The company had a market cap of $ 4.06 billion.