Revenues tumble at KPMG Consulting

Revenues tumble at KPMG Consulting

The worsening US economy, combined with the 11 September terrorist attacks, caused revenue to fall by more than 10% over the last quarter, KPMG Consulting said yesterday.

The company, which was spun off from KPMG in the US last February, reported income of $609m (Pounds 417m) in the last quarter, compared to $679m (Pounds 465m) for the same period last year.

This was well below earlier expectations – in its previous earnings report the company said it expected revenues to hit between $670m and $705m.

Earlier this month KPMG Consulting announced it would be cutting up to 400 jobs as a result of the economic slowdown.

Rand Blazer, chief executive, said: ‘Our performance in this quarter certainly was affected by world events and the economic environment.’

Revenue in its public services and communications business units continued to be strong but had been offset by falling revenue in its financial services and high technology units.

Links

KPMG Consulting income falls 21%

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to get your daily business insights

Resources & Whitepapers

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

9m Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

10m Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

View article
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

4y Accountancy Age

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

10m Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article