Hudson Global Inc. (NASDAQ: HSON) reported first-quarter revenue fell 13.4% in constant currency to approximately $43.1 million. Revenue at the RPO provider declined in both its Americas and Asia Pacific operations but rose in its European business. Gross margin improved.

“In the first quarter of 2023, lower hiring activity, particularly in the technology sector, led to declines in revenue, adjusted net revenue and adjusted EBITDA versus the prior year quarter,” CEO Jeff Eberwein said. “Activity in other sectors remains stable, and we have seen a number of new business wins thus far in 2023.”

Americas revenue fell 36.3% year over year in constant currency, while Asia Pacific revenue fell 7.6%. European revenue rose 16.1% in constant currency.

Share price and market cap

Shares in Hudson were down 8.48% to $20.30 as of 12:33 p.m. Eastern time; they hit a new 52-week low during trading today when they reached $19.68, according to FT.com. The company had a market cap of $63.0 million.