CB Richard Ellis Group Inc. said Wednesday that it suffered a first quarter loss as the global commercial real estate market continued to slump. The results failed to meet Wall Street expectations.

After the markets closed the Los Angeles real estate services giant reported a net loss of $36.7 million (-14 cents per share), compared with net income of $20.5 million (10 cents) a year ago. Revenue fell 26 percent to nearly $891 million. Charges in the quarter included a $9.4 million non-cash write down of real estate assets.

Excluding one-time charges, the company’s net loss was $7.5 million (-3 cents). Analysts surveyed by Thomson Reuters expected the company to report adjusted per-share earnings of 2 cents on revenue of $983 million.

Development projects in process at the end of the quarter totaled $5.4 billion, down slightly from end of the fourth quarter, and the inventory of pipeline deals stood at $1.5 billion, off 40 percent.

The results were in line with the company’s own expectations given continued weakness in worldwide commercial real estate sales and leasing markets, said Chief Executive Brett White in a statement.

He noted the company had cut costs 29 percent to help make up for the revenue declines. “Our very effective cost cutting efforts position us to experience strong operating leverage when the market recovers, which it inevitably will,” White said.

Prior to the announcement, CB Richard Ellis Group shares closed up 33 cents, or 5 percent, to $6.57.