Hudson Global Inc. (NASD: HSON) reported first-quarter revenue fell 14.4% in constant currency to $101.2 million. However, revenue edged up 0.4% on a constant-currency basis when excluding the Americas IT business, which it sold it to Mastech Holdings Inc. (NYSE MKT: MHH) last June; its Netherlands business, which it sold to InterBalance Group BV; and the Ukraine, Czech Republic, Slovakia and Luxembourg, markets Hudson exited last year.

Hudson’s Americas revenue fell 65.0% year over year, but was up 10.4% when excluding the Americas IT business sold to Mastech.

Hudson’s Europe revenue was down 23.1%, or 19.8% in constant currency. However, revenue was down 7.6%, or 3.3% on a constant currency basis, when excluding businesses sold or exited since the year-ago quarter.

Net loss for the quarter narrowed to $3.5 million from $6.8 million.

During 2014 and 2015, the company completed strategic divestures to focus on its core businesses — RPO, talent management and recruitment.

Quote

“We are encouraged by the continued gross margin growth in many of our key markets, including Australia, Belgium and the Americas,” said CEO Stephen Nolan. “We delivered significantly improved adjusted EBITDA performance against prior year for the third consecutive quarter, amidst variable economic conditions. We expect to deliver positive adjusted EBITDA in 2016.”

Revenue by geography

Guidance

Hudson forecast revenue of between $105 million and $115 million in the second quarter.

Share price and market cap

Shares in Hudson rose $3.64 in early afternoon trading today to $2.56. The company had a market cap of $89.16 million, according to Yahoo!