ASGN (NYSE: ASGN), a provider of IT staffing and solutions, noted macroeconomic conditions were in line with expectations and clients are being more cautious in their spending — a sentiment echoed by other publicly traded staffing firms. Total second-quarter revenue at the Richmond, Virginia-based firm was down 8.5% year over year to $1.03 billion.

“ASGN’s results for the second quarter of 2024 confirmed our expectations that macro conditions in Q2 would be consistent with the first quarter of the year,” CEO Ted Hanson said in a press release.

Commercial revenue at ASGN fell 10.6% to $725.7 million in the second quarter. Federal government revenue fell 3.3% to $309.0 million.

“We are making measured, strategic progress toward our goal of moving into higher-end, higher-value IT consulting solutions,” Hanson said. “IT consulting revenues totaled 57.1% of consolidated revenues for the second quarter, up from 53.1% a year ago.”

The firm also reported new bookings in the commercial sector for the trailing 12-month period totaled $1.3 billion. The number for the federal government segment was $949.1 million.

“While clients remain cautious in their spend, their IT priorities have not changed,” Hanson said. “As we position ourselves for the future, we remain committed to fostering these relationships and supporting our clients’ most critical IT needs, whether that be transitioning their enterprises to the cloud or deploying innovative use cases for AI.”

ASGN – Q2 2024

Revenue by Segment

Guidance

ASGN forecast third-quarter revenue to be down between 6.5% and 8.3% year over year.

Share price

Shares in ASGN were down 5.88% to $95.84 as of 12:29 p.m. today, July 25. They were 9.94% below their 52-week high.