Recruiter.com Group Inc has announced that its first-quarter 2023 net loss improved by 21% year over year to $3.3 million.
As well, the New York-based recruiting platform company said its total operating expenses for the quarter fell 48% to $3.5 million, due primarily to reductions in staff and the ongoing efficiencies gained from the integration of asset acquisitions.
“We are pleased to share that we have made significant progress in reducing net loss and improving cash management in our operating activities,” Recruiter.com Group CEO Evan Sohn said in a statement.
“Through strategic partnerships, we are actively reducing our operating burn and expect this to be demonstrated in our 2Q operating results,” he added.
Sohn also noted the company’s focus continues to be on improving its profitability, as it has launched new high-margin offerings including its AI-enabled Candidate Pitch software, digital upskilling through Recruiting Classes, and a self-service platform, Recruiter Marketplace.
Recruiter.com generated revenue of $3.3 million in 1Q, compared with $6.9 million during the same period last year, as the company said it faced a deteriorated economic environment.
Recruiter.com is an on-demand recruiting platform providing flexible talent acquisition solutions that scale from startups to the Fortune 100.
Contact Sean at sean@proactiveinvestors.com