The share price of Korn Ferry International increased more than 7 percent Wednesday after the company announced a quarterly operating loss that was smaller than expected.
The Los Angeles-based recruitment firm lost $14.3 million, or 33 cents per share, in the quarter compared to a profit of $15.9 million, or 36 cents per share, in the same period of 2008. Excluding restructuring costs, the company lost $2.3 million, or 5 cents per share, in the most recent quarter.
Despite the losses, Korn Ferry beat expectations on Wall Street. Analysts surveyed by Thomson Reuters expected a loss of 6 cents per share after the restructuring costs.
Chief Executive Gary Burnison said in a statement that the job market is stabilizing and Korn Ferry is positioned to grow along with the economy.
Korn Ferry shares on the New York Stock Exchange closed at $14.31, an increase of 99 cents for the day.
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