Third-quarter revenue at Robert Half Inc. (NYSE: RHI) decreased 13.8% year over year on an adjusted basis to $1.56 billion; revenue fell 14.7% on a reported basis. Although revenue was lower across segments at the Menlo Park, California-based professional staffing firm, it met guidance issued with the prior quarter’s report.

“We delivered above-consensus top- and bottom-line results for the third quarter, notwithstanding the ongoing macroeconomic uncertainty that lengthens both client and job candidate decision cycles,” President and CEO M. Keith Waddell said in a press release. “Both talent solutions and Protiviti exceeded expectations.”

Pricing discipline and the ongoing benefit from the rising mix of revenues from higher-skilled services helped gross margins, according to Waddell. “Our operating cost base also benefited from the targeted actions we have taken to align costs with revenues,” he said. “We remain confident — both in our ability to weather the current climate and in our future growth prospects as the macro landscape improves.”

Service revenue came in above Wall Street estimates of $1.54 billion, as a softening macro environment boosted demand for the company's services, according to Reuters. Results fan optimism about the recovery of the staffing industry marked by cooling inflation and a stabilizing labor market.

Temporary staffing revenue fell 16.4% on an adjusted basis, while permanent placement revenue fell 22.5%.

Adjusted revenue represents growth rates adjusted for the impact of billing days and foreign currencies.

In the US, temp staffing revenue fell 19.2% while perm placement revenue fell 25.5% — both on an adjusted basis. Third-quarter international temporary staffing revenue fell 4.9% on an adjusted basis, while international perm placement revenue fell 14.2%.

Click on image to enlarge.

Guidance

Robert Half forecast fourth-quarter revenue of between $1.41 billion to $1.51 billion, a year-over-year decrease of 15% on an adjusted basis at the midpoint ($1.46 billion).

Share price

Shares in Robert Half were up 4.42%% to $ 75.32 as of 1:05 p.m. Eastern time today; they were 16.50% above their 52-week low, according to FT.com.