Networking and jobs website operator Professional Diversity Network Inc. (NASDAQ: IPDN) reported revenue jumped 38.3% in the first quarter. However, loss from continuing operations also increased at the Chicago-based firm.

The company attributed the revenue increase predominately to an approximate $477,000 of contracted software development related to remote hiring marketplace RemoteMore, which it acquired last year. A year-over-year increase in recruitment services revenues from the PDN Network of approximately $158,000 also contributed to the upturn. This was partially offset by an approximate $68,000 decrease in membership fees and related services revenues from the National Association of Professional Women Network.

Revenue by segment

“Our PDN Network continues to show growth in its organic operations despite the challenges in current economic conditions,” said CEO Adam He. “Our RemoteMore revenues for the period are consistent with our expectations, and we believe that the [National Association of Professional Women] is beginning to stabilize itself as compared to previous years. We are still focused on capitalizing on growth opportunities, increasing our return on organic operations, and maximizing shareholder value throughout 2022.”

Share price and market cap

Shares in Professional Diversity Network were up 1.26% to 81 cents as of 11:21 a.m. Eastern time; they were 13.79% above the 52-week low, according to FT.com. The company had a market cap of $12.26 million.