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Hudson revenue up 60%, cites client win in Asia-Pacific operations

August 14, 2019

Hudson Global Inc. (NASDAQ: HSON), a provider of RPO and other workforce solutions, reported second-quarter revenue rose 59.7% with strong growth in its Asia-Pacific operations. However, gross margin narrowed.

(US$ thousands) Q2 2019 Q2 2018 % change % constant currency
Revenue $26,414 $17,015 55.2% 59.7%
Gross profit $11,659 $10,801 7.9% 13.2%
Gross margin percentage 44.1% 63.5%    
Net loss ($900) ($1,364) nm  

Revenue growth in Asia Pacific was driven by the start of a significant contract in Australia to manage a portion of the contingent workforce for a “large Asia-based technology company,” according to Hudson. However, gross profit in Asia Pacific fell 1% in constant currency.

In its Americas segment, the company said new client wins fueled growth.

Revenue by geography

(US$ thousands) Q2 2019 Q2 2018 % change % constant currency
Hudson Americas $3,982 $3,509 13.5%  
Hudson Asia Pacific $17,454 $9,600 81.8% 87%
Hudson Europe $4,978 $3,906 27.4%  

Guidance

Hudson forecast revenue will be up 10% for the full year 2019.

Share price and market cap

Shares in Hudson were down 1.64% to $12.00 as of 11:05 a.m. Eastern time; the company had a market cap of $35.9 million, according to FT.com.

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