Shares of human resources and business management systems provider Insperity (NSP) - Get Report plunged on Monday after the company reported second-quarter earnings that matched analysts' forecasts, but tweaked its full-year earnings forecast downward amid an anticipated slowdown in hiring among its customers.

Shares of the Houston-based company plunged some 18% after it posted net income of $29 million, or 69 cents a share, vs. net income of $24.6 million, or 58 cents a share, a year ago. On an adjusted basis, the company earned 83 cents a share, matching the forecast of analysts polled by FactSet. Revenue came in at $1.04 billion.

However, the company said that its third-quarter and full-year results will be lower than analysts' forecasts. Insperity now expects third-quarter net income of between $36.5 million and $38.5 million, and adjusted per-share earnings of between $1 and $1.04. Analysts polled by FactSet are currently expecting per-share earnings of $1.09.

For the full year, the company expects GAAP net income of between $167 million and $174 million, and adjusted per-share earnings of between $4.59 and $4.74, vs. analysts' current consensus forecasts of $4.69 a share.

On a conference call with analysts, Insperity CEO Paul Sarvadi noted that a tight U.S. labor market and in turn less hiring coupled with the company's decision to drop its unit guidance -- industry parlance for the number of customer employees using its services -- prompted the adjustment in forward earnings expectations.  

Sarvadi noted in a statement that he expects to "continue our office expansion plan and increase the number of business performance advisors over the balance of the year to continue double digit growth into 2020."

Shares of Insperity ended the day Monday at $108.68 on the New York Stock Exchange. It closed Friday at $144.60.

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