Anywhere reports 17% revenue drop amid declining home sales

Anywhere reported third quarter revenue of $1.8 billion, down 17 percent from one year earlier. Net income, at $55 million, represents a drop of 51.7 percent from the third quarter of 2021. The company attributed the drop in revenue and net income to lower home sales and forecast that sales will decline by 25 percent in the fourth quarter compared with the year-earlier level. The company indicated that it will reduce costs by $140 million by year-end, as it looks to adapt to the changing market.