Last week, the Professional Diversity Network Inc (NASDAQ:IPDN) stock performed poorly and ended up with losses of as much as 18% for the week. While the decline recorded by the stock is considerably, it is also necessary to note that there was no news regarding the company last week.
In this sort of a situation, it could be worthwhile for investors to look into some of the developments from the past. Last month, the jobs website and professional network operator announced its financial results for the first fiscal quarter. In the quarter, the company’s revenues went up by as much as 51.1%.
The growth in the revenues was boosted since the company had been successful in acquiring new clients and had also managed to continue to grow its recruitment business. The Chicago based company stated at the time that the efforts being made by different companies and political groups to raise diversity had also been a major factor behind the growth in the recruitment business.
The company stated that such efforts are going to be responsible for continue growth in its recruitment business in the future as well. On the other hand, the losses from continued operations also went down to $823000 from $1429000.