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February 14, 2024
GEE Group Inc. (NYSEAMERICAN: JOB), a supplier {of professional} staffing, reported macroeconomic weak spot weighed on leads to its fiscal first quarter ended Dec. 31, 2023. Income fell 25.6% yr over yr.
“We’re within the midst of a really troublesome macroeconomic surroundings that has severely impacted consumer demand,” Chairman and CEO Derek Dewan stated in a convention name with buyers. “These situations have negatively impacted the variety of job orders and candidates obtainable to fill orders for placements throughout all of our strains of enterprise.”
Dewan continued, “Likewise, the US staffing trade as an entire has skilled declines in general quantity and monetary efficiency, and the trade outlook is for these situations to proceed throughout not less than the primary half of calendar yr 2024.”
GEE famous macroeconomic difficulties included persistent inflation, risk of recession, rate of interest volatility and layoffs within the IT sector. Amid all this, shoppers canceled tasks and hiring was negatively affected.
“Whereas we’re clearly disillusioned about our first quarter outcomes, we are also taking aggressive motion in prudently managing our companies and judiciously including expertise internally to be nicely ready for an anticipated eventual restoration,” Dewan stated.
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Share value
Shares in GEE Group had been down 4.75% to 39.5 cents as we speak as of 1:08 p.m. Japanese time. They set a brand new 52-week low in buying and selling as we speak after they reached 34.5 cents.
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