Robert Half Misses Earnings Expectations, Reports Revenue Decline

Published 2 hours agoRHI

Robert Half Misses Earnings Expectations, Reports Revenue Decline

Robert Half International Inc. announced its first-quarter net income of $17.4 million, with earnings per share at 17 cents, falling short of Wall Street's expectations. The earnings report highlighted challenges the company faced amid a turbulent market environment.

Revenue experienced a 5.6% year-over-year decline after accounting for billing days and currency shifts, and showed a 5.4% reduction on a reported basis. Segment-wise, Contract Talent Solutions saw an 8.0% revenue drop, while Permanent Placement faced a significant 15.8% decrease. Protiviti, however, marked its 22nd quarter of uninterrupted growth with a 4.4% increase in revenue. Geographically, U.S. revenue fell by 6.6% on an adjusted basis, and international revenue saw a 2.5% decline.

Despite the earnings miss, Robert Half's stock rose by 3.62% to $73.19 at one point, reflecting investor optimism from its 52-week low, as seen in reporting by Insider Monkey. CEO M. Keith Waddell attributed the results to industry conditions characterized by 'hiring caution and tight labor markets.' The company's market capitalization stands at $7.62 billion.

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