(Reuters) -Randstad, the world's biggest employment agency, reported first-quarter core earnings below expectations on Tuesday, hurt by challenging market conditions.
Recruiters have been flagging tough market conditions in recent quarters, as workers prefer to avoid the risk of switching jobs and employers offer smaller salary hikes amid broader economic uncertainties.
The Dutch group's quarterly underlying earnings before interest, tax and amortisation (EBITA) fell 33% organically from a year earlier to 177 million euros ($188.5 million), below the 181 million euros expected by analysts on average in a company-provided poll.
"While we performed well in Southern Europe, LatAm and Asia Pacific, we encountered softer conditions than expected in North America and Northern Europe," Randstad CEO Sander van't Noordende said in statement.
The highest inflation for decades and the impact of the war in Ukraine have forced companies across Europe into layoffs or hiring freezes.
Randstad's revenue fell 8% organically to 5.94 billion euros in the first three months of the year.
($1 = 0.9388 euros)
(Reporting by Shivani Tanna in Bengaluru; Editing by Milla Nissi)
