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NEW YORK - Robert Half International Inc. (NYSE:RHI) shares plunged 10% in after-hours trading on Wednesday after the staffing company reported first quarter earnings and revenue that fell short of analyst expectations.
The Menlo Park, California-based company posted adjusted earnings per share of $0.17 for the quarter ended March 31, missing the consensus estimate of $0.36. Revenue declined 8.4% YoY to $1.35 billion, below analysts’ projections of $1.41 billion.
Robert Half’s contract talent solutions segment, its largest business unit, saw revenue fall 14% YoY to $763.2 million. The company’s permanent placement talent solutions revenue dropped 10.2% to $112.1 million.
"Business confidence levels moderated during the quarter in response to heightened economic uncertainty over U.S. trade and other policy developments," said M. Keith Waddell, president and CEO of Robert Half. "Client and job seeker caution continues to elongate decision cycles and subdue hiring activity and new project starts."
The company’s Protiviti consulting arm was a bright spot, with revenue rising 2.7% YoY to $476.6 million.
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