ShiftPixy Reports Third Quarter Financial Results

ShiftPixy (NASDAQ:PIXY), an employment platform that connect individuals with the gig economy announced its third quarter financial results for the quarter ending May 31, 2019. The company, founded in 2015, announced US$14.3 million in revenues for the quarter, rising at a 53 percent increase year-over-year.

As quoted in the press release:

2019 Third Quarter Highlights

• Gross billings grew 57% to $94.2 million, compared to $60.2 million for the fiscal 2018 third quarter; gross billings increased sequentially 14% from $82.5 million the prior quarter.

• Revenues increased 53% to $14.3 million, compared to $9.4 million for the third quarter of fiscal 2018.

• The average number of worksite employees increased by approximately 3,610 to 10,860, compared to 7,250 for the quarter ended May 31, 2018.

• Gross profit was $2.7 million versus $1.5 million the prior year period, and diluted net loss per share was 15 cents versus a diluted net loss per share of 6 cents the prior year period.

Click here to read the full press release.