Mastech Digital Inc. (NYSEAMERICAN:MHH), a provider of IT staffing and solutions, reported first-quarter revenue fell 7.9% year over year to $55.1 million. The Pittsburgh-based company said demand for its IT staffing services declined as clients responded to uncertainties in the economy. It noted the pullback was more pronounced in the financial services markets because of several bank failures and concerns over a global bank crisis. Financial services represented half of the company’s billable consultant base at the start of the year.

“Clearly, the possibility of a recession is weighing-in on clients’ spending dynamics — particularly in the financial services industry,” President and CEO Vivek Gupta said. “However, demand in our data and analytics services segment improved over the course of the quarter in terms of the pipeline of new opportunities.”

Mastech’s business remains fundamentally sound despite the uncertain economic outlook, Gupta said.

Share price and market cap

Shares in Mastech were down 0.11% to $9.12 as of 11:43 a.m. Eastern time; they were 7.27% above their 52-week low, according to FT.com. The company had a market cap of $106.3 million.