CB Richard Ellis Group Inc. on Wednesday said its third quarter earnings plummeted 69 percent as the recession continued to hurt commercial real estate leasing and sales.

After the markets closed, the Los Angeles real estate services giant reported net income of $12.4 million (4 cents per share), compared with $40.4 million (19 cents) a year ago. Revenue dropped 23 percent to $1 billion.

Excluding one-time charges, the company had net income of $21.6 million (8 cents). Analysts surveyed by Thomson Reuters on average expected the company to report adjusted per-share earnings 10 cents on revenue of $1.04 billion.

“We are beginning to see signs that market conditions in some parts of the world and in some business segments – like the broader economy – are starting to stabilize,” Chief Executive Brett White said in a statement. “However, major investment sales and leasing markets globally remain under pressure and will likely continue to be stressed until the credit markets and global economy recovery.”

The company’s shares closed down 79 cents, or 6.5 percent, to $11.46 on the New York Stock Exchange, and fell 3.6 percent in after-market trading.