For the third quarter of 2019, ShiftPixy’s (NASDAQ: PIXY) top line will be benefited by the 19 new clients already onboard since the end of February. These new clients are likely to provide additional gross billings. The employment services provider is due to provide its earnings results this month but the date remained unclear.
The company’s goal is to have the mobile platform serve not only to enable its shift workers to secure additional shift work and its job provider clients to fill open shifts. But, the goal also includes attraction of new clients who see the value associated with being able to fill open shifts with a ready-to-hire workforce.
ShiftPixy plans to expand its service offering into other industries as well, particularly where part-time work is a significant component of the applicable labor force, including the retail and health care, especially home health care, sectors. The number of independent workers, totaling about 40 million in 2016, is expected to increase to 40% of the private, non-farm U.S. workforce by 2021.
Analysts expect the company’s earnings to report a loss of $0.08 per share on revenue of $14.39 million for the third quarter. In comparison, during the previous year quarter, ShiftPixy posted a loss of $0.06 per share on revenue of $9.38 million. The company has surprised investors by beating analysts’ expectations in the previous quarter.
For the second quarter, ShiftPixy reported a narrower loss helped by a 67% jump in revenues. Gross billings soared by 70% year-over-year. The results was driven by continued expansion in the number of worksite employees on its platform which the company believes underscores the meaningful value its clients see in its business proposition.
Shares of ShiftPixy opened higher on Thursday but changed course to the red territory on the Nasdaq. The stock has fallen over 74% in the past year and over 37% in the past three months.
UPDATE: The story has been updated with the latest earnings date, as the company postponed the announcement. An earlier version of the story said the company was due to report on July 15.