Mastech digital reports an 8% year-over-year revenue decline in a challenging first quarter of 2023

Pittsburgh , may 3, 2023 /prnewswire/ -- mastech digital, inc. (nyse american: mhh), a leading provider of digital transformation it services, announced today its financial results for the first quarter ended march 31, 2023.   first quarter 2023 highlights: total consolidated revenues declined by 8% to $55.1 million, compared to revenues of $59.8 million in the first quarter of 2022; the company's data and analytics services segment reported revenues of $9.4 million, compared to $10.2 million in the first quarter of 2022, which represented a sequential increase of 3% over 2022 fourth quarter revenues in this segment; the it staffing services segment achieved revenues of $45.7 million, compared to $49.6 million in the first quarter of 2022, as its consultants-on-billing headcount declined during the quarter; gaap diluted earnings per share were $0.02 in the first quarter of 2023 versus $0.19 in the first quarter of 2022; non-gaap diluted earnings per share were $0.12 in the first quarter of 2023 versus $0.28 in the first quarter of 2022; and at march 31, 2023, the company had no bank debt and held $9.1 million of cash balances on hand.
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