Mastech Digital Inc. (NYSEAMERICAN:MHH) reported a negative quarter with their first-quarter revenue droppping 7.9% year-over-year to $55.1 million. This was largely due to decreased demand of their IT staffing services due to uncertainties in the economy and more particularly in the financial services sector. President and CEO Vivek Gupta noted the possibility of a recession being a cause of the clients spending dynamics, however, demand was seen to have improved in their data and analytics services segment.
Despite the uncertain economic outlook, Gupta remains confident in the soundness of the business. Although the share prices have seen a 0.11% decrease to $9.12, it is 7.27% higher than their 52-week low. The company currently has a market cap of $106.3 million.