Recruiter.com Group Inc. (NASDAQ: RCRT), a provider of an online recruiting platform and recruiter staffing services, reported third-quarter revenue rose 11.3% year over year to nearly $7.0 million. The New York-based firm noted revenue rose 32.1% in its “Recruiters on Demand” staffing service.

CEO Evan Sohn cited a more volatile business climate in the third quarter but noted revenue fell just 2% sequentially.

“We remain confident that our on-demand, flexible business model is well suited to the current environment,” Sohn said.

The net loss in the third quarter of 2022 included noncash amortization expense of $952,000, impairment expense of $2.1 million and equity-based compensation expense of $766,000.

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Share price and market cap

Shares in Recruiter.com Group were down 20.16% to $0.51 as of 11:20 a.m. Eastern time. They set a new 52-week low during today’s trading session, according to FT.com. The company had a market cap of $10.38 million.