Hudson Global Inc. (NASDAQ: HSON), a leading RPO provider, reported their fourth-quarter revenue dropped by 5.5% year over year in constant currency to $43.6 million. Despite experiencing a revenue decrease in certain areas, the company reported a strong top line growth in their UK and Australian operations. Unfortunately, the US tech sector suffered from a slowdown, and the company was also affected by lower hiring volumes in China due to Covid-19.
Shares in Hudson Global plummeted 3.44% to $21.92 at 1:45 p.m. Eastern time, but still were 6.87% above their 52-week low of $20.51. The company had a market cap of $63.4 million.
The Connecticut-based company also announced that their unaudited consolidated financial results for the three- and six-month periods ended June 30, 2022, and the nine-month period ended Sept. 30, 2022, should not be relied upon due to an accounting error relating to the treatment of a discretionary bonus paid by the company on behalf of a customer. Hudson pledges to issue new financial statements for the time periods as soon as possible.