Korn Ferry (NYSE: KFY) reported revenue was roughly flat year over year in its fiscal first quarter ended July 31, rising only 0.3% in constant currency to $699.2 million.

Executive search revenue fell 12.1% year over year amid decreased demand from clients affected by the uncertain economic environment. Korn Ferry also noted reduced demand for perm placement and RPO.

However, revenue increased in Korn Ferry’s “professional search and interim” business by 43.5% in constant currency thanks to the acquisitions of Infinity Consulting Solutions and Salo. The revenue boost from the acquisitions was partially offset by a decline in perm placement fee revenue.

Korn Ferry forecasts second-quarter fee revenue to be in the range of $675 million to $695 million, representing a year-over-year decrease of between 4.5% and 7.3%.

Share price

Shares in Korn Ferry were down 0.84% to $49.45 as of 12:49 p.m. Eastern time Aug. 27; they were 10.7% above their 52-week low, according to FT.com.