Networking and jobs website operator Professional Diversity Network Inc. (NASDAQ: IPDN) reported second-quarter revenue fell 16.1% to approximately $1.8 million.  

The Chicago-based company attributed the decline predominately to a reduction in recruitment services revenue of approximately $265,000.  

Revenue in the company’s PDN Network fell approximately 20.5% in the first quarter to about $1.1 million. The company attributed the decrease primarily to the continued softening in client hiring due to the macroeconomic environment changes since the latter half of 2022; it was partially offset by event revenue of approximately $65,000 from the recently acquired career fair organizer Expo Experts Events LLC, for which there was no comparable revenue in the same period of the prior year. 

In addition, revenue in the company’s National Association of Professional Women network segment fell 15.5% to $136,000. 

In PDN’s third operating segment, RemoteMore, revenue fell 6.8% to $604,000. 

“Our industry has seen the continued slowing through the second quarter of 2023. We have seen some hiring come back as seasonal industries begin to ramp up, and we are poised to take advantage of this,” said CEO Adam He in a press release. “We have created an internal marketing department which is focused on strategic targeting of industries, and we have seen some of our new efforts paying off already.”  

PDN in June entered into a committed equity facility with Tumim Stone Capital LLC that puts the company in a “solid cash position for the remainder of this year and the foreseeable future,” He stated. 

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Share price  

Shares in Professional Diversity Network were up 1.52% to $2.96 as of 12:03 p.m. Eastern time; they were 222.16% above their 52-week low, according to FT.com.