Japanese recruitment firm Gakujo Co. (2301: JP) reported revenue of Y711 million ($6.9 million U.S.) for the first quarter of 2020, which ended on January 31, a drop of around 11% year-on-year.

Osaka-based Gakujo specializes in job offers for recent graduates and job seekers in their 20s. The company, which was founded in 1977, works primarily with on-campus recruiting, and mid-career recruitment. The company works with an average of 400,000 new graduates every year and has around 4,000 corporate clients.

Gakujo’s flagship brands include job classified Re-Katsu.jp (Re-Shukatsu) and recruitment marketplace Gakujo.ne.jp (Asagaku Navi). Asagaku Navi had a productive Q1, with revenue surging threefold to Y70 million. However, sales at Re-Shukatsu fell 9.4% to Y200 million, according to the company’s financials.

The group also sustained losses due to recurrent expenses. Quarterly net loss was recorded at Y184 million, compared to Y111 million in 2018. Sales and administrative expenditures grew 5% to Y679 million, which wiped out 96% of sales gains during the quarter.

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