Recruiter.com Group, Inc. (NASDAQ:RCRT) has announced its third-quarter financial results, reporting a revenue bump driven by its recruiters on demand business.
The company posted revenue of $7 million in the three months ended September 30, 2022, an 11% increase from $6.3 million in the third quarter of 2021. Net loss for the quarter was $5.6 million, a 26% improvement compared to $7.6 million a year earlier.
"In the third quarter, Recruiter.com delivered solid revenue growth versus the prior-year quarter," CEO Evan Sohn said in a statement. "During the quarter, we focused on improving operating efficiencies within our management, sales and delivery functions. With our recently announced growth strategy being implemented, we are now focused on our segments with the strongest operating margins and client demand. The cost reductions are aimed to accelerate profitability and concentrate efforts on our strongest growth drivers."
READ: Recruiter.com announces strategic plan to reduce operating costs and focus on profitable on-demand talent segment
Gross profit for the third quarter was $2.2 million, a 4.9% decrease compared to $2.3 million last year, a dip the company attributed primarily to its continuing shift away from its permanent placement service.
"Revenues dipped slightly (2%) from the previous quarter due to a more volatile business climate,” Sohn said. “We remain steadfast on achieving profitability and are pleased with the improvement in net loss and reduction in operating expenses. This quarter is challenging, but we are focused on managing accordingly and continuing to explore strategic opportunities. We remain confident that our on-demand, flexible business model is well suited to the current environment."
Recruiter.com is an on-demand recruiting platform providing flexible talent acquisition solutions that scale from start-ups to the Fortune 100.
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