Why Robert Half International Stock Is Falling Today
Economic uncertainty is causing companies to rethink their growth plans, which in turn is taking a toll on employment search firms. Shares of Robert Half International (NYSE: RHI) traded down more than 10% on Friday after the company's third-quarter numbers fell short of estimates and it guided for lower-than-expected fourth-quarter results.
Robert Half is an executive search and consulting firm with close ties to numerous large industries, including tech, financial services, and marketing. It has been a strong business over the years, but it can't escape the realities of the business cycle. Major employers in a wide range of industries have announced plans to scale back growth and hiring.
Late Thursday, Robert Half reported third-quarter earnings of $1.53 per share on revenue of $1.83 billion, falling short of the consensus estimates for earnings of $1.63 per share on $1.92 billion in sales. Revenue was up 7% year over year, and the company's Protiviti consulting firm subsidiary reported sales that set a new quarterly record.
Source Fool.com
