ZURICH, Feb 28 (Reuters) – Adecco (ADEN.S) said hiring volumes had weakened at the start of 2023 after the staffing company reported weaker-than-expected earnings during its fourth quarter.
The Swiss company said net profit fell 65% in the three months to the end of December to 65 million euros ($68.79 million), missing analyst forecasts for 116 million euros.
The downturn was partly attributed to lower income from operations and an interest expense of 15 million euros.
Fourth quarter revenue increased 13% to 6.2 billion euros, beating the 6.1 billion euros expected in a company gathered consensus of forecasts. When adjusted for trading days, currencies and acquisitions, the increase was 5%.
Adecco said revenues had increased by 6% in December, compared with a year earlier, but there had been some signs of a slowdown at the start of 2023.
“While volumes in January have softened, the market for talent services remains dynamic,” it said in a statement.
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Reporting by John Revill
Editing by Paul Carrel
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