ASGN Inc.’s (NYSE: ASGN) first quarter revenue is proving that the company’s decision to invest in high-end and higher value consulting work is paying off, with revenue in its federal government division increasing 15.0%. This and other divisions made up the 3.4% rise in total revenue to $1.13 billion.
CEO Ted Hanson claims that despite the challenges the macroeconomic climate poses, the business remains strong. Notably, IT consulting revenue, including federal government work, has reached 50.4% of total revenue in the quarter, compared to 42.4% of revenues in the first quarter of 2022.
In addition, ASGN has provided guidance for the second quarter, forecasting revenue of between $1.11 billion and $1.15 billion representing a year-over-year decrease to increase of 0.3%.
Despite the positive news, shares in the Richmond, Virginia-based IT staffing, solutions and consulting provider are suffering in the market, with shares down 7.63% to $68.86 as of 1:02 p.m. Eastern time. The company had a market cap of $3.67 billion and its shares hit a new 52-week low today when they reached $