Compass Inc Robert Reffkin on 'Squawk on the Street', CNBC Call Transcript
Real estate company Compass is undergoing its third round of job cuts in under 1 year, aiming to be cash flow-positive by mid-2023. Joining us here at the NYSE on set, Robert Reffkin, Compass Co-Founder and CEO. Robert, great to have you back here.
Glad to be here.
Questions & Answers
Let's talk about the layoffs. Third round, what's involved? And how does this move you towards that cash flow-positive goal that you stated for the middle of this year?
Yes. So we had announced expense reductions last week. I think it's worth noting, if we would have done that a year earlier, we would have been free cash flow-positive last year. And if the market would have grown last year as expected, we would have been free cash flow-positive. What happened is the Fed share came in and artificially reduced the revenue of our industry,
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