Kforce Inc. (NASDAQ: KFRC) reported revenue fell 14.7% year over year in the third quarter but the number surpassed guidance.

“We are pleased that our third-quarter results were stronger than we anticipated as we experienced a notable improvement in consultant retention in the back half of the third quarter and an improving trend of new project starts in October,” President and CEO Joseph Liberatore said in a press release.

Technology revenue was down 13.4% year over year, while finance/accounting revenue fell 26.1%, the Tampa, Florida-based professional staffing firm reported.

Still, average bill rates in Kforce’s technology business remained near record levels at approximately $90 per hour, Dave Kelly, executive VP and chief operating officer, said in a conference call with analysts.

“Even in this uncertain environment, highly skilled talent remains in short supply and high demand, which is reflective of the stability in bill rates,” Kelly said.

Looking ahead, new activity starts in October have been meaningfully better than in the early part of the third quarter, according to the company.

Kforce also announced in the earnings call that that it made labor reductions that will reduce annual operating costs by $3.5 million per quarter.

Guidance

Kforce forecast fourth-quarter revenue will be down by between 12.5% and 14.5% year over year.

Share price

Shares in Kforce were up 7.76% to $60.60 as of 11:04 a.m. Eastern time today; they were 9.25% below their 52-week high, according to FT.com.