HireRight’s net income drops in Q2
Shares of HireRight, Inc. (Nasdaq: HIRE) are losing ground today after the provider of on-demand employment screening reported after Thursday’s close that net income for the second quarter fell from last year’s levels.
For the three months ended June 30, net income was $1.9 million, compared with $2.4 million for the second quarter last year. The decrease in net income was the result of a $1.3 million income tax expense incurred in the current period, compared with $0.1 million incurred during the second quarter of 2006.
Service revenue increased 19.7% to $16.8 million, compared with $14 million in the same quarter last year. The company attributed the uptick to an increase in new customers, the sale of additional products and services to existing customers, and the further rollout of screening services to other divisions by its enterprise customers.
No analyst estimates were available.
Shares of HireRight lost $1.22, or 8.71%, to $12.78 in morning trading Friday.
