If the bigger forces in an industry are under assault from macroeconomic forces, there's a good bet that many other companies should also expect a turbulent voyage.
CBRE Group in its latest earnings release and call made it clear that last quarter was bad — net income was down 57.3% year over year, cash flow from operations cut almost in half, while net revenue was off 4.2%.
Commercial mortgage origination, advisory services, property sales, and leasing revenue all down, said CFO Emma Giamartino in the earnings call. Limited sales in industrial and multifamily, which were the shining lights during the pandemic. Global workplace solutions, healthcare, energy, and logistics saw growth, but nowhere nearly enough to float the business.
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