Hudson Global Reports 2023 Second Quarter Results with 20.8% YoY Decrease in Total Revenue
OLD GREENWICH, Conn., Aug. 10, 2023 — Hudson Global, Inc. (Nasdaq: HSON), a leading global total talent solutions company, announced financial results for the second quarter ended June 30, 2023.
“In the second quarter of 2023, lower hiring activity, particularly in the technology sector, led to declines in revenue, adjusted net revenue, and adjusted EBITDA versus the prior year quarter,” said Jeff Eberwein, Chief Executive Officer of Hudson Global. “Activity in other sectors remained in line with expectations, and we continued to win new business in the second quarter of 2023. Although the timing of a recovery in the technology sector is difficult to predict, we are confident in our ability to manage the business in this environment and remain well positioned to respond to the needs of our clients going forward.”
2023 Second Quarter Summary
Revenue of $44.9 million decreased 20.8% from the second quarter of 2022 and 17.7% in constant currency.
Adjusted net revenue of $22.6 million decreased 17.2% from the second quarter of 2022 and 15.4% in constant currency.
Net income was $0.6 million, or $0.18 per diluted share, compared to net income of $3.1 million, or $0.98 per diluted share, for the second quarter of 2022. Adjusted net income per diluted share (non-GAAP measure)* was $0.36 compared to adjusted net income per diluted share of $1.25 in the second quarter of 2022.
Adjusted EBITDA (non-GAAP measure)* was $2.6 million, a decrease versus adjusted EBITDA of $5.7 million in the second quarter of 2022.
In the second quarter of 2023, the Company repurchased $0.6 million of stock and has now completed its $10 million common stock repurchase program.
The Company’s Board of Directors authorized a new $5 million common stock repurchase program effective August 8, 2023.
Total cash including restricted cash was $23.0 million at June 30, 2023.
About Hudson Global
Hudson Global, Inc. is a leading global total talent solutions provider operating under the brand name Hudson RPO. It delivers innovative, customized recruitment outsourcing and total talent solutions to organizations worldwide. Through its consultative approach, it develops tailored talent solutions designed to meet its clients’ strategic growth initiatives. As a trusted advisor, the company meets its commitments, delivers quality and value, and strives to exceed expectations.
SOURCE Hudson Global
