Caution in the marketplace continued in the first quarter, Robert Half Inc. (NYSE: RHI) reported. It also cited a stabilization trend.
Still, the professional staffing provider reported first-quarter revenue fell 13.4% on an adjusted basis, which excludes the impact from billing days and foreign currency exchange.
US revenue fell 14.3% year over year in the first quarter on an adjusted basis. International revenue fell 10.0% year over year on an adjusted basis.
“Client and candidate caution continues to impact hiring activity and new project starts on a global basis,” President and CEO M. Keith Waddell said in a press release. “However, the trend toward stabilization that began in the second half of last year continued into the first quarter of this year.”
First-quarter results were largely in line with expectations, Waddell said. In addition, the company is reporting guidance that anticipates higher sequential earnings for the first time in seven quarters, he said. Revenue is set to rise 1.1% on a sequential basis.
On a year-over-year basis, revenue is forecast to fall by 9% at the midpoint of guidance.
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Share price
Shares in Robert Half were down 1.78% to $69.34 as of 1:15 p.m. Eastern time today. They were 7.25% above their 52-week low.