Shares of ShiftPixy Inc (NASDAQ:PIXY) gained traction in Friday’s pre-market session after the workforce management-focused tech company saw its revenue spike in the fiscal first quarter and its net loss shrink.
In the three months ending November 30, the Irvine, California company’s sales jumped 62% to $10.5 million, up from $6.5 million in the year-ago period. Over the same time-frame, its net loss fell to $2 million, or a loss of $0.07 per share, from $3.34 million, or $0.12 per share.
Investors applauded the results, sending ShiftPixy shares up 7% to $1.83 before the opening bell on Friday.
Targeting the problems that accompany employment in the gig economy, ShiftPixy has devised a platform that caters to businesses with shift-based workers.
The app connects employers with the gig economy workforce, similar to a temp staffing agency, while assisting the company with meeting regulatory mandates.
Workers can take on a variety of part-time jobs while receiving the benefits of a regular 9-to-5 job, including workers’ compensation, medical insurance and 401(k) plans.
In other quarterly news, ShiftPixy’s gross billings grew 77% to $70.9 million, up from $40.2 million in the corresponding year-ago period. The number of employees using its services also rose to an average of 8,990 from an average of 5,470 in the year-ago period.
"It’s an exciting time for ShiftPixy and it's gratifying to see the rapid adoption of our platform driving strong growth in both our client base and our number of worksite employees,” noted CEO Scott Absher in a statement.
Contact Ellen Kelleher at [email protected]