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Mastech Q1 income falls 7.9%; demand for IT staffing slips amid worries about economic system

Might 03, 2023

Mastech Digital Inc. (NYSEAMERICAN:MHH), a supplier of IT staffing and options, reported first-quarter income fell 7.9% 12 months over 12 months to $55.1 million. The Pittsburgh-based firm stated demand for its IT staffing providers declined as purchasers responded to uncertainties within the economic system. It famous the pullback was extra pronounced within the monetary providers markets due to a number of financial institution failures and issues over a worldwide financial institution disaster. Monetary providers represented half of the corporate’s billable advisor base at the beginning of the 12 months.

“Clearly, the potential for a recession is weighing-in on purchasers’ spending dynamics — significantly within the monetary providers business,” President and CEO Vivek Gupta stated. “Nevertheless, demand in our knowledge and analytics providers phase improved over the course of the quarter when it comes to the pipeline of recent alternatives.”

Mastech’s enterprise stays basically sound regardless of the unsure financial outlook, Gupta stated.

Share worth and market cap

Shares in Mastech have been down 0.11% to $9.12 as of 11:43 a.m. Jap time; they have been 7.27% above their 52-week low, in accordance with The corporate had a market cap of $106.3 million.


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