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Jobs, networking website operator Professional Diversity Network reports revenue down 42%

May 21, 2019

Professional Diversity Network Inc. (NASDAQ: IPDN), an operator of networking and jobs websites for employers seeking diverse talent, reported on Monday that revenue fell 41.8% in the first quarter ended March 31. The company reported the decrease was mainly due to management’s “focus on reduction in sales and operations workforce as a means to improved efficiencies and operational effectiveness while rebranding the business.”

The Chicago-based company reported a smaller net loss on a year-over-year basis.

(US$) Q1 2019 Q1 2018 % change
Net revenue $1,346,277 $2,313,498 -41.8%
Net loss ($1,159,369) ($2,034,413) nm

The company’s revenue comes from membership fees; recruitment services, including online job postings and diversity jobs fairs; education and training; consumer advertising; and from products, such as plaques, offered to members.

Professional Diversity Network has operations in the US and China.

Quote

“While the company continued to sustain losses, we see positive momentum on our efforts in reducing costs and overheads,” Chairman and CEO Michael Wang said. “The beginning of 2019 marks the fifth consecutive quarter that we successfully reduced losses.”

Wang continued, “this year we will continue enhancing our diversity recruitment and women’s networking segments and expanding our China business to increase shareholder value and move toward sustainable profitability.”

Share price and market cap

Professional Diversity Network shares were down 6.26% to $2.92 at 12:07 p.m. Eastern time; the company had a market cap of $15.1 million, according to FT.com.

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