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Upwork:Quarterly Results/2023 Q3: Difference between revisions
Upwork:Quarterly Results/2023 Q3 (view source)
Revision as of 10:04, 1 November 2023
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* According to Reuters, Randstad Q3 revenue missed estimates<ref name=":2">https://www.reuters.com/business/randstad-third-quarter-core-earnings-beat-expectations-2023-10-24/</ref>. | * According to Reuters, Randstad Q3 revenue missed estimates<ref name=":2">https://www.reuters.com/business/randstad-third-quarter-core-earnings-beat-expectations-2023-10-24/</ref>. | ||
* CEO Sander van 't Noordende said in the earnings call that Europe, Latin America and Asia Pacific were their best perfoming regions while North America was impacted by tough domestic market conditions<ref>https://seekingalpha.com/article/4644887-randstad-n-v-ranjf-q3-2023-earnings-call-transcript</ref>. | * CEO Sander van 't Noordende said in the earnings call that Europe, Latin America and Asia Pacific were their best perfoming regions while '''North America was impacted by tough domestic market conditions'''<ref>https://seekingalpha.com/article/4644887-randstad-n-v-ranjf-q3-2023-earnings-call-transcript</ref>. | ||
* Noordende added that the market trends seen in Q3 have continued into October and that looking ahead, "our markets continue to be defined by three prevailing trends. First, the scarcity of talent, second, clients seeking greater levels of support and of course '''digital.'''" | * Noordende added that the '''market trends seen in Q3 have continued into October''' and that looking ahead, "our markets continue to be defined by three prevailing trends. First, the scarcity of talent, second, clients seeking greater levels of support and of course '''digital.'''" | ||
* Randstad is '''cautious when it comes to economic conditions.''' | * Randstad is '''cautious when it comes to economic conditions.''' | ||
* Its CFO Jorge Vazquez said they had a strong quarter last year. " Please note that in terms of growth rate and comparables, last year was very, very strong. It was actually in record the strongest quarter of Randstad, which obviously will tint any comparison with this year. We've been seeing a normalization and obviously that has now an impact and so therefore sequentially is almost as relevant as year-over-year," he said. | * Its CFO Jorge Vazquez said they had a strong quarter last year. " Please note that in terms of growth rate and comparables, last year was very, very strong. It was actually in record the strongest quarter of Randstad, which obviously will tint any comparison with this year. We've been seeing a normalization and obviously that has now an impact and so therefore sequentially is almost as relevant as year-over-year," he said. | ||
* '''Launched Randstad Digital in August for global talent. They are excited in growth opportunities in this area.''' | |||
* Noordende said wage inflation is coming down in U.S but higher in Europe. | |||
* The business was impacted by '''existing clients hiring fewer people.''' | |||
* Clients are now looking at how they can hire more efficiently and cost effectively; hence looking to hire in countries such as India and Latin America. | |||
* In terms of volumes, they are seeing stabilization into Q4. | |||
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