Mastech Digital Inc. (NYSEAMERICAN: MHH) reported fourth-quarter revenue fell 3.1% year over year to $57.2 million. Gross margin also narrowed.

The Pittsburgh-based IT staffing and services provider also reported declines in its IT staffing and data and analytics services segments. However, full-year revenue rose 9.1% to $242.2 million.

Activity levels at Mastech’s data and analytics services segment were down during the fourth quarter compared to the first half of the year as bookings underperformed, causing revenues to be short of expectations, according to the company. In addition, customer demand for the company’s IT staffing services dipped in the fourth quarter, reflecting the impact of economic uncertainty in the marketplace along with the seasonal high assignment ends at year end.

"The second half of 2022 was a challenging period for both of our business segments,” said President and CEO Vivek Gupta. “Economic uncertainty, including customer concerns regarding inflationary conditions, clearly had an impact on our quarterly performance. However, we believe our businesses and their future prospects remain fundamentally strong, and our balance sheet is solid.”

In November, the company appointed Michael Fleishman as the new CEO of its Mastech InfoTrellis’ data and analytics services segment with the objective of re-energizing the segment and putting it on a sustainable growth trajectory.

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Share price and market cap

Shares in Mastech were down 9.98% to $11.68 as of 1:56 p.m. Eastern time; they set a new 52-week low during today's trading session when it reached $10.70, according to FT.com. The company had a market cap of $150.80 million.