Q: Can you comment on quarterly update please?
5i Research Answer:
EPS of $1.19 missed estimates by 27%; revenue of $1.05B missed by 3%. EBITDA of $144.9M missed by 9%. But, with investors anticipating peak interest rates, the stock nevertheless staged a huge rally this week. EPS fell year over year, and revenue fell 5%. CIGI is taking 'a more conservative stance' towards occupancy expectancy and rents for the fourth quarter. But, it is all about the future, and investors see a recovery in some beaten up sectors, and CIGI is going along for the ride, despite what was certainly not a great quarter.