Shares of Cushman & Wakefield Plc (CWK) plummeted 5.15% during intraday trading on Thursday, reacting to the company's fourth quarter and full year 2024 financial results, which revealed concerning trends in its top-line performance.

The global commercial real estate services firm reported a 3% year-over-year increase in Q4 2024 revenue to $2.6 billion, driven primarily by strong growth in its capital markets and leasing segments. However, the company's services revenue declined by 3% compared to Q4 2023, largely due to lower project management revenue and the impact of divesting a non-core services business.

"We closed out 2024 with strong momentum in our business, reporting another quarter of solid Leasing revenue, our strongest Capital markets growth since the first quarter of 2022 and robust year-over-year improvement in free cash flow," said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. "We begin 2025 with renewed optimism, as investor and occupier sentiment continues to improve, and we have positioned ourselves to thrive in what we believe will be a multi-year commercial real estate growth cycle."

For the full year 2024, Cushman & Wakefield's revenue remained relatively flat at $9.4 billion, a marginal decrease of $47.2 million or 0% from the previous year. The company's leasing and capital markets segments demonstrated growth, while services and gross contract reimbursables revenue declined.

Despite the challenges in certain business lines, Cushman & Wakefield reported a significant improvement in net income for the full year 2024, rising to $131.3 million from a net loss of $35.4 million in 2023. The company attributed this turnaround to the impact of cost-saving initiatives, growth in its leasing service line, one-time gains from insurance proceeds, and lower net unrealized losses on fair value investments.