Robert Half International Inc. (NYSE: RHI) reported a 5.6% year-over-year decrease in adjusted revenue for its first quarter. Despite this, the Menlo Park, California-based professional staffing firm remained optimistic and in line with expectations, particularly with its talent solutions staffing business. M. Keith Waddell, President and CEO, stated, “Talent solutions performed well against a backdrop of client hiring caution and tight labor markets.”
This performance was largely buoyed by the 4.4% increase in Protiviti’s revenue, marking its 22nd consecutive quarter of growth. Contract talent solutions revenue saw a 8.0% decrease and permanent placement revenue fell 15.8% on an adjusted basis. US revenue fell 6.6% while international revenue dropped by 2.5%.
Shares in Robert Half were up 3.62% to $73.19 as of 1:04 p.m. Eastern time; they were 11.91% above their 52-week low, giving the company a market cap of $7.62 billion. Despite the challenging global environment, Waddell expressed optimism about the company’s ability to weather the storm.