April 25 (Reuters) - Recruitment services firm Robert Half posted a drop in its first-quarter revenue on Thursday, on cautious hiring activity by its clients in an uncertain economy.

Shares of the Menlo Park, California-based company fell more than 4% in after-market trading.

The company's revenue fell about 14% to $1.48 billion, compared with analysts average estimate of $1.49 billion, according to 10 analysts polled by LSEG.

"Client and candidate caution continues to impact hiring activity and new project starts on a global basis," CEO Keith Waddell said in a statement.

Waddell added that the clients are budget-sensitive and very selective in their hiring activities, including the approval of new projects.

Even as the United States labor market has remained resilient, companies are hiring cautiously, while several firms have resorted to layoffs in a bid to rein in costs.

U.S. layoff announcements rose 7% in March to the highest since January 2023, led by technology and government-sector job cuts, though cuts announced year to date are down 5% amid a still-strong job market, according to a report by outplacement firm Challenger, Gray & Christmas earlier this month.

The company expects second-quarter revenue in the range of $1.45 billion to $1.55 billion, compared with analysts' average expectations of $1.53 billion.

For the three months ended March 31, the company posted net income of $64 million, or 61 cents per share, down from $122 million, or $1.14 per share from a year earlier. (Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber)