First-quarter revenue at recruitment process outsourcing provider Hudson Global Inc. (NASDAQ: HSON) rose 55.2% in constant currency, but the firm said Covid-19 began to affect the company in March. And in terms of first-quarter revenue, Hudson Global reported growth was led by its Asia Pacific division, where revenue rose 108.8% on a constant currency basis. Asia-Pacific revenue included a significant contract in Australia to manage a portion of the contingent workforce for a large, Asia-based technology company; the deal was signed in the second quarter of last year.

Old Greenwich, Connecticut-based Hudson also noted that Asia-Pacific revenue rose 5% on a constant currency and adjusted basis, which excludes direct contracting costs and reimbursed expenses.

The company said it is monitoring the situation around the Covid-19 downturn but the situation remains unpredictable.

“This downturn, as well as the uncertainty regarding the duration, spread, and intensity of the outbreak, has led to an initial reduction in demand for our services,” according to the company. “Some of our customers have instituted hiring freezes, while other customers that are more capable of working remotely have been allowed to operate as usual. The expected timeline for this reduction in demand for our services remains uncertain and difficult to predict considering the rapidly evolving landscape.”

Revenue by geography

Share price and market cap

Shares in Hudson Global were unchanged at $9.45 as of 9:30 a.m. Eastern time today; the company had a market cap of $25.3 million, according to Google.