News of RCM Technologies Inc.’s preliminary first-quarter revenue totals have sent investors into a buying frenzy. On Friday, the Pennsauken, New Jersey-based staffing firm revealed that its revenue had dropped 18.1% year over year to $67.1 million, while operating income plummeted 36.9% during the same period.
This news has inspired hope among investors despite the financial downturn. RCM Tech offers personnel in engineering, IT and healthcare, and its stock price has risen 11.21% to $12.50 as of 12:06 p.m. Eastern time on Friday. Furthermore, its market cap is currently estimated at $101.8 million, and its shares have skyrocketed 23.64% above its 52-week low.
The release of RCM Technologies’ preliminary first quarter revenue has sent investors rushing to buy stocks, in hopes that the company can continue to survive and thrive despite the financial pressures of the current market.