Networking and jobs website operator Professional Diversity Network Inc. (NASDAQ: IPDN) reported first-quarter revenue fell 4.8% to approximately $2.0 million, though it noted revenue increased in its RemoteMore segment.

Revenue in the Chicago-based company’s PDN Network fell 18% in the first quarter to approximately $1.13 million. In addition, revenue in the company’s National Association of Professional Women network segment fell 34% to $129,000.

In PDN’s third operating segment, RemoteMore, revenue rose 46% to $698,000.

PDN had also acquired Expo Experts Events LLC in January 2023. Expo Experts produces face-to-face and virtual recruiting events for engineering, technology and security clearance positions.

“The recruiting industry as a whole is still feeling the effects of the lingering financial and economic impact that has affected the current economy since 2022,” CEO Adam He said. “As such, we have had to make adjustments in our operational strategies within our organization, moving personnel from slower producing revenue streams to other areas of the business that we feel we can increase revenues in the near future with the additional personnel.”

Share price and market cap

Shares in Professional Diversity Network were down 7.54% to $4.17 as of 12:44 p.m. Eastern time; they were 353.16% above their 52-week low, according to FT.com. The company had a market cap of $46.3 million.