Robert Half's stock soared 21.67% during intraday trading on Friday. The significant upward movement followed the release of the company's fourth-quarter financial results, which exceeded analyst expectations and signaled improving business trends.
The talent solutions provider reported quarterly earnings of $0.32 per share, beating the consensus estimate of $0.30. Revenue for the quarter came in at $1.302 billion, also surpassing expectations of $1.289 billion. Notably, the company achieved positive sequential growth in talent solutions and enterprise revenues on a same-day constant currency basis for the first time in over three years.
Management highlighted positive weekly revenue trends during the quarter that extended into January. Following the results, multiple analysts raised their price targets on Robert Half shares, including JP Morgan increasing from $29 to $31 and Baird raising from $49 to $50, reflecting increased confidence in the company's improving fundamentals.