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Robert Half reports clients cautious in Q2, revenue dips 10.1%

IT Staffing Report

Robert Half reports clients cautious in Q2, revenue dips 10.1%

July 30, 2024
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Robert Half (NYSE: RHI) reported that clients remained cautious in the second quarter of 2024. The professional staffing firm’s revenue fell 10.1% in the quarter to $1.47 billion when adjusted for currencies and billing days.

“Client and candidate caution continues to impact hiring activity and new project starts as macroeconomic and interest rate uncertainty persist,” President and CEO M. Keith Waddell said in a press release. “Second-quarter revenues and earnings were within our guidance range.”

Waddell continued, “Protiviti posted strong results, led by US growth in revenues and segment income both on a sequential and year-on-year basis. We remain confident in our ability to navigate the current climate and optimistic about our growth prospects.”

Robert Half operates in the US and 17 other countries.

Robert Half International - Q2 2024

(US$ thousands)

Q2 2024

Q2 2023

% change

% change adjusted*

Service revenue

1,472,524

1,639,478

-10.2%

-10.1%

Gross margin

895,845

979,309

-8.5%

-

Gross margin percentage

60.8%

59.7%

-

-

Net income

68,156

106,292

-35.9%

-

Service Revenue

(US$ thousands)

Q2 2024

Q2 2023

% change

% change adjusted*

Finance and accounting

623,120

721,391

-13.6%

-13.5%

Administrative and customer support

190,344

211,023

-9.8%

-9.8%

Technology

157,899

181,776

-13.1%

-13.1%

Elimination of intersegment revenue

-116,466

-114,807

-

-

Total contract talent solutions

854,897

999,383

-14.5%

-14.4%

Permanent placement

131,063

149,254

-12.2%

-12.0%

Protiviti

486,564

490,841

-0.9%

-0.9%

Guidance

Robert Half forecast third-quarter revenue to be down 9% year over year at the midpoint of guidance to between $1.39 billion and $1.49 billion.

*Adjusted for impact of currencies and billing days.