The following is a summary of the Hudson Global, Inc. (HSON) Q1 2024 Earnings Call Transcript:
Financial Performance:
Hudson Global reported a decrease in Q1 2024 revenue to $33.9 million, 20% less than that of the previous year in constant currency.
Adjusted net revenue was $16.3 million, down 25% from the prior year in constant currency.
The company shifted from a positive adjusted EBITDA of $1.1 million in Q1 2023 to an adjusted EBITDA loss of $1.5 million in Q1 2024.
Net loss for the quarter was $2.9 million or $0.95 per diluted share, a stark contrast from the net income of $400,000 or $0.11 per diluted share reported in the first quarter of the previous year.
Business Progress:
Hudson Global bolstered its global market presence and service offerings through acquisitions of companies like Executive Solutions and Striver in UAE in Q1 2024.
In sectors such as industrial and life sciences, Hudson RPO is witnessing signs of recovery and anticipates increased hiring as they expand their footprint.
The company has shared plans to buy more stocks over time as part of their common share repurchase program which was initiated in August 2023.
The company's leadership team welcomes two new members, Jeff Bettinger as the Chief Administrative Officer and Rachel Marshalsea as the Director of Client Solutions for EMEA.
More details: Hudson Global IR
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