Hudson Global revenue slips in Q2 amid hiring slowdown
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RPO provider Hudson Global (NASDAQ: HSON) said a slowdown in hiring activity impacted results. The company reported second-quarter revenue fell 19.9% in constant currency to USD 35.7 million.
Revenue fell across geographies.
“In the second quarter of 2024, we continued to see the impact of a market-driven slowdown in hiring activity across our existing client base,” CEO Jeff Eberwein said in a press release.
Hudson Global expects new business to ramp up in the coming months, Eberwein said.
“Furthermore, we are seeing the results of the internal changes and cost-saving initiatives we implemented earlier this year beginning to show through in our bottom-line results,” he said.
Hudson acquired Dubai-based Striver in the second quarter.
Hudson Global - Q2 2024
(USD thousands) | Q2 2024 | Q2 2023 | % change | % constant currency |
Revenue | 35,712 | 44,897 | -20.5% | -19.9% |
Gross margin | 49.3% | 50.3% | - | - |
Net loss/net income | -441 | 578 | nm | - |
Revenue by Geography
(USD thousands) | Q2 2024 | Q2 2023 | % change | % constant currency |
Americas | 6,972 | 8,569 | -18.6% | -18.6% |
Asia Pacific | 22,649 | 58,402 | -61.2% | -19.3% |
Europe | 6,091 | 7,926 | -23.2% | -23.7% |
Share Price
Shares in Hudson Global finished the day down marginally to USD 17.66. They were 32,2% above their 52-week low.