Macroeconomic uncertainty prompted clients to lengthen hiring cycles, Robert Half Inc. (NYSE: RHI) President and CEO M. Keith Waddell said in a press release. Second-quarter revenue at the professional staffing firm fell 11.7% year over year on an adjusted basis to $1.64 billion.

“Second-quarter results for talent solutions were impacted by elongated client hiring cycles resulting from ongoing global macro uncertainty. Protiviti was much less impacted with its diversified suite of solutions offerings,” Waddell said. “Pricing and gross margins remain strong, demonstrating the value-added benefit we deliver for our clients.”

Revenue came in below analysts’ expectations, according to Yahoo Finance.

Temporary staffing revenue fell 14.0% year over year in the second quarter on an adjusted basis, while permanent placement revenue fell 25.0%.

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

In the US, temp staffing revenue fell 15.9% on an adjusted basis, while perm placement revenue fell 26.1% — both on an adjusted basis. Second-quarter international temporary staffing revenue fell 6.2% on an adjusted basis, while international perm placement revenue fell 21.9%.

The second quarter included $5.1 million in severance costs related to employee headcount reductions in the company’s talent solutions businesses and $400,000 related to headcount costs at Protiviti.

Guidance

Robert Half forecast third-quarter revenue of between $1.48 billion and $1.58 billion, a year-over-year decrease of 16% on an adjusted basis at the midpoint ($1.53 billion).

Share price and market cap

Shares in Robert half were down 6.13% to $75.29 as of 12:12 p.m. Eastern time today; they were 16.46% above their 52-week low, according to FT.com. The company had a market cap of $8.64 billion.