IT staffing and services provider Mastech Digital Inc. (NYSEAMERICAN: MHH) reported first-quarter revenue rose 20.1% and said demand for its IT staffing segment remained elevated with record revenue in the first quarter.
“Both of our business segments had sequential revenue growth, strong year-over-year top-line growth and solid operating profits,” President and CEO Vivek Gupta said.
| (US$ thousands) | Q1 2022 | Q1 2021 | % change |
| Revenue | $59,755 | $49,775 | 20.1% |
| Gross profit | $15,932 | $12,804 | 24.4% |
| Gross margin | 26.7% | 25.7% | |
| Net income | $2,332 | $1,194 | 95.3% |
The Pittsburgh-based firm reported solid activity levels in its “data and analytics services” business line and noted backlog increased during the first quarter.
Revenue by segment
| (US$ thousands) | Q1 2022 | Q1 2021 | % change |
| Data and analytics services | $10,152 | $8,794 | 15.4% |
| IT staffing services | $49,603 | $40,981 | 21.0% |
Share price and market cap
Shares in Mastech were down 4.22% to $20.11 as of 11:48 a.m. Eastern time; they were 7.90% below their 52-week high, according to FT.com. The company had a market cap of $242.9 million.