Robert Half International Inc. (RHI), a leading staffing firm, reported a decline in earnings and revenue for the third quarter of 2024, compared to the same period last year.
The company's net income for the quarter ended September 30, 2024, was $65.5 million, or $0.64 per diluted share, down from $95.5 million, or $0.90 per share, in the third quarter of 2023. The results beat Wall Street estimates, with analysts polled by Zacks Investment Research expecting earnings of $0.63 per share.
Robert Half's service revenue for the quarter was $1.47 billion, a decrease from $1.56 billion in the same period last year but higher than the analysts' consensus estimate of $1.44 billion.
The company attributed the revenue decline to challenging macroeconomic conditions, with clients tightening budgets and extending decision cycles due to concerns over inflation and the global interest rate environment. However, Robert Half's CEO, M. Keith Waddell, expressed confidence in the company's ability to weather the current climate and position itself for future growth as economic conditions improve.
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