MENLO PARK, Calif. - Robert Half International Inc. (NYSE: NYSE:RHI) reported its financial results for the first quarter, which ended on March 31, 2024. The company's earnings per share (EPS) for the quarter were $0.61, aligning with the analyst consensus.
However, revenue fell short, coming in at $1.47 billion against the expected $1.49 billion. This revenue represents a decline from the $1.716 billion reported in the same quarter of the previous year.
The company's stock responded to the news with a decrease of 3.54%, indicating investor disappointment over the earnings and revenue miss. M. Keith Waddell, president and chief executive officer of Robert Half, commented on the results, stating, "Client and candidate caution continues to impact hiring activity and new project starts on a global basis." Despite these challenges, Waddell noted a trend toward stabilization and expressed encouragement that second-quarter earnings guidance anticipates higher sequential earnings for the first time in seven quarters.
Waddell also took the opportunity to acknowledge the company's employees for their contributions to the firm's recent prestigious accolades, including being named a Fortune Most Admired Company for 27 consecutive years.
Robert Half, known as the world's first and largest specialized talent solutions and business consulting firm, has felt the impact of global economic conditions on its operations. The company's net income of $64 million for the first quarter of 2024 is a significant drop from the $122 million reported in the first quarter of 2023.
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