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Staffing 360's 1Q revenue jumps, helps the company achieve its first profit ever

Investors cheered the company’s results, pushing its stock up more than 20%
Staffers working
Staffing 360 earned first quarter net income of $200,000, compared with a $1.3 million loss in the same quarter last year

Staffing 360 Solutions Inc (NASDAQ:STAF) stock popped after it reported that first-quarter revenue increased 32%, which helped the company achieve its first profit ever.

Investors cheered the company’s results pushing shares in Staffing 360 Solutions up 26% to $2.08 at the opening bell on Wednesday. 

READ: Staffing 360 rallies as UK subsidiary re-signs British American Tobacco, its largest client, to multiyear contract

The New York-based group of staffing organizations said late Tuesday that first quarter revenue was $73.8 million, versus $55.7 million in the same quarter last year, with organic growth of $4.9 million. 

Net income was $200,000, compared with a net loss of $1.3 million in the prior-year quarter. And income from operations was $700,000, versus a loss of $400,000 in 2018.

“The company’s first ever report of positive net income is a tremendous milestone for us,” said CEO Brendan Flood.

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