Mastech digital reports a 24% year-over-year revenue decline in the third quarter of 2023

Challenging economic conditions impacted both business segments during the quarter   pittsburgh , nov. 1, 2023 /prnewswire/ -- mastech digital, inc. (nyse american: mhh), a leading provider of digital transformation it services, announced today its financial results for the third quarter ended september 30, 2023.   third quarter 2023 highlights: total consolidated revenues declined by 24% to $47.8 million, compared to revenues of $63.1 million in the third quarter of 2022; the company's data and analytics services segment reported revenues of $8.0 million, compared to $10.1 million in the third quarter of 2022, as existing clients curtailed spending in 2023 and third quarter bookings were short of our expectations; the it staffing services segment achieved revenues of $39.8 million, compared to $53.1 million in the third quarter of 2022, with a decrease in billable consultants during the quarter, albeit at a slower rate than what we experienced in the previous two quarters; gaap diluted earnings per share was $0.01 in the third quarter of 2023 versus $0.20 in the third quarter of 2022; non-gaap diluted earnings per share was $0.11 in the third quarter of 2023 versus $0.33 in the third quarter of 2022; and on september 30, 2023, the company had no bank debt and held $15.9 million of cash balances on hand.
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