Why Robert Half Stock Plummeted Today
Robert Half (NYSE: RHI) posted its latest earnings release shortly after the market closed on Tuesday, and the following day, its stock suffered a hangover. It closed down by nearly 6% in price on Wednesday, which was notable since the bellwether S&P 500 index traded sideways across that session.
One of the most durable and well-known companies in the staffing services industry, Robert Half, wasn't looking very impressive with its second-quarter numbers. It earned revenue of slightly under $1.64 billion and netted a profit of $106 million ($1 per share) under generally accepted accounting principles (GAAP) standards. Both were down from the second-quarter 2022 results of $1.86 billion and $176 million, respectively.
Compounding the twin declines, both headline figures failed to meet the average analyst estimates. Prognosticators following Robert Half were, on average, forecasting $1.69 billion on the top line and $1.13 per share for GAAP net income.
Source Fool.com
