MENLO PARK, Calif. - Shares of Robert Half International (NYSE: NYSE:RHI) fell sharply today, down 8% after the company reported second-quarter earnings and revenue that missed Wall Street expectations.
The specialized staffing firm posted adjusted earnings per share (EPS) of $0.66, which was below the analyst consensus of $0.71. Revenue for the quarter also fell short, coming in at $1.47 billion against expectations of $1.49 billion.
The company's performance represents a decline from the same period last year when net income was $106 million, or $1.00 per share, on revenues of $1.639 billion. This year's second-quarter net income was $68 million, a significant decrease from the prior year's figure. The drop in revenue marks a 10.2% decrease compared to the second quarter of 2023.
President and CEO M. Keith Waddell commented on the results, noting macroeconomic and interest rate uncertainties as factors influencing the company's hiring activities. "Second-quarter revenues and earnings were within our guidance range. Protiviti posted strong results, led by U.S. growth in revenues and segment income both on a sequential and year-on-year (YoY) basis," said Waddell. He expressed confidence in the company's ability to navigate the current economic climate and optimism for future growth.
Despite the earnings and revenue miss, Waddell highlighted recent accolades as a testament to the company's commitment to success, including ranking No. 1 on Forbes' list of America's Best Professional Recruiting Firms and being selected as one of Fortune's Best Workplaces for Millennials.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.