Human cloud platform firm ShiftPixy Inc. (NASD: PIXY) reported revenue rose to $9.4 million its fiscal third quarter ended May 31, from $4.6 million in the year-ago period.

The Irvine, Calif.-based company was scheduled to report its third-quarter earnings Thursday but delayed the announcement until after the market close on Friday.

Revenue at the company for its third quarter refers to gross billings of $60.2 million minus worksite employee payroll cost of $50.8 million.

The Irvine, Calif.-based firm, which raised $12 million last year in an IPO, provides PEO services and has developed an online staffing app. ShiftPixy aims to harness the gig economy concept; however, the workforce it provides are ShiftPixy employees instead of independent contractors. In a Q&A last week with Entrepreneur, CEO Scott Absher said about 70% of its employees work in the restaurant industry, 30% in the service trades and the remaining 10% in “emerging independent delivery services,” such as independent contractors that handle Amazon deliveries.

Worksite employees increased to 7,648, up 3,654 from the year-ago quarter and by 850 from the end of the second fiscal quarter.

Quote

“Our business continues to grow rapidly, with the number of worksite employees and our client roster each expanding significantly, and with our financial performance reflecting strong sequential and year-over-year growth,” Absher said.

Share price and market cap

Shares in ShiftPixy fell 29.00% to $3.28 as of 1:25 p.m. Eastern time. The company had a market cap of $94.47 million.