Press Release: Recruiter.com Provides Shareholder Update and Reports Financial Results for the Three and Nine Months Ended September 30, 2019
2:02 PM ET 11/21/19 | Dow Jones
Recruiter.com Provides Shareholder Update and Reports Financial Results for the Three and Nine Months Ended September 30, 2019
Revenue for the three and nine month periods ending September 30, 2019 totaled $1,945,744 and $4,081,527 respectively
Network of independent recruiters increased 12% sequentially from 10,034 in Q2 to 11,279 in Q3
HOUSTON, Nov. 21, 2019 (GLOBE NEWSWIRE) -- Recruiter.com Group, Inc. ("Recruiter.com" or the "Company") (OTCQB: RCRT), the expert network platform for recruiters, provides shareholder update and reported its financial results for the three and nine month periods ending September 30, 2019.
Recruiter.com CEO, Miles Jennings, commented, "After two quarters of integration and process efforts, we are now extremely excited to shift focus to accelerating our revenue expansion with top name clients and executing against our business model. We are confident in our vision of disrupting the recruiting and staffing industry by aggregating small and independent recruiters under a common platform, giving them access to large enterprise companies and technologies and becoming the largest recruiting firm in the world. We are primarily focused on onboarding several new key strategic clients and improving our communication and engagement with our independent recruiter network. We are simultaneously engaged in our strategic efforts to position Recruiter.com for an uplisting to a national securities exchange."
The network of independent recruiters increased over 12% sequentially from 10,034 users at the end of the 2019 second quarter to 11,279 users at the end of the 2019 third quarter. Information Technology and Computer Software remained the most popular specialties and industries among the community of recruiters.
Financial Highlights for the Three and Nine Month Periods Ending September 30, 2019:
-- Revenue for the 2019 third quarter totaled $1,945,744, as compared to
$158,706 for the same period the year prior, an increase of $1,787,038.
-- Revenue for the first nine months of 2019 totaled $4,081,527, as compared
to $687,538 for the same period the year prior, an increase of
$3,393,989.
-- Revenue growth year-over-year during both periods was primarily
attributable to the Recruiting Solutions line of business, acquired from
Genesys Talent, LLC in March 2019, as the Company invested resources in
its recruiting platform business and away from Career and Marketing
Solutions.
-- Gross profit for the 2019 third quarter totaled $453,939 compared to
$510,559 in the 2019 second quarter due to growth within a lower margin
enterprise client and the Company's general shift away from Marketing
Solutions, yielding gross profit margin of 23.3% compared 25.9% in the
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