Hudson Global (NASDAQ: HSON) reported revenue fell 20.1% in the first quarter because of lower-than-usual hiring volumes. But the recruitment process outsourcing provider sees improvement ahead.

“As expected, our first quarter 2024 results were weak due to lower than normal hiring volumes at many of our clients,” CEO Jeff Eberwein said in a press release. “Although some of this weakness has continued into [the second quarter], we expect hiring activity at existing clients to recover going forward and, importantly, new business wins over the last 12 months will begin to show up in our results in [the second quarter] and be more fully reflected in the second half of 2024.”

Revenue fell across geographies with the biggest decrease in Hudson Americas where revenue fell 35.4%.

Still, Global CEO of Hudson RPO Jake Zabkowicz said in a press release that the company has made strides this year.

“Thus far in 2024, we have announced two small, but important, UAE-based acquisitions, Executive Solutions and Striver, as well as an organic enhancement of our boutique search offering,” Zabkowicz said.

“We also initiated an internal reorganization, allowing us greater agility to support our current and future partners,” he said. “In addition, we are investing in our global sales organization to support the expansion initiatives we have put in place.”

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Share price

Shares in Hudson Global were up 2.17% to $16.74 as of 11:25 a.m. Eastern time today. They were 25.07% above their 52-week low.