Hudson Global Inc. News Release (11/01/2012)
Hudson Global Inc. has reported revenue of $187.9 million for the third quarter ended Sept. 30, 2012, a decrease of 23.3% from the third quarter of 2011, or 21.0% in constant currency. The company reported gross margin of $67.7 million or 36.0% of revenue, representing a 27.2% decrease from the same period last year, or 24.5% in constant currency. Net loss for the third quarter of 2012 was $2.2 million, compared with net income of $3.4 million for the third quarter of 2011.
Hudson Americas’ gross margin decreased 30% in the third quarter compared with the prior-year period primarily due to reduced project demand in Legal eDiscovery, which had particularly strong growth last year. Third quarter revenues declined 18%. After strong double-digit growth in recent quarters, recruitment process outsourcing gross margin decreased 5% compared with third quarter 2011 due to more cautious hiring by clients.