Why is the LiveHire (ASX:LVH) share price tumbling 13% today?

It's not a good day to be a LiveHire shareholder.

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The LiveHire Ltd (ASX: LVH) share price is plummeting today on the back of the company's latest quarterly report.

At the time of writing, the LiveHire share price is 34 cents, 12.82% lower than its previous close.

Let's take a look at the quarter just been for LiveHire.

But first, what is LiveHire?

LiveHire operates a cloud-based human resources platform focused on the hiring process.

It operates in 2 segments, its Talent Community, a software-as-a-service, and its Direct Sourcing business, which allows large organisations to use Talent Community to source and hire contract-based employees.

The company has been listed on the ASX since 2016.

The quarter that's been for LiveHire

The LiveHire share price is dropping today despite the company's North American Direct Sourcing business reporting 700% more revenue than it did in the prior comparable quarter.

The business' revenue came to $576,000 over the quarter just been. While that was significantly more than the first quarter of financial year 2021, it was down from $686,000 in the previous quarter.

The business also onboarded 3 new clients, bringing its total number of clients up to 17.  All up, that's an estimated contract value of $5.4 million.

The company believes its Direct Sources business is on track to have around 36 clients by the end of this financial year.

The company's software-as-a-service business brought in 8 new clients over the quarter just been. However, it lost 5 in the process. As of 30 September, it had 141 clients.

Talent Community's annual reoccurring revenue was $4.5 million at quarter's end – 3.5% more than it was at the end of the previous quarter.

The business' client retention also improved. It increased from 91% to 96%.

LiveHire reported it received $1.6 million of cash receipts over the first quarter.

It also saw its operating cash burn increase to $2.3 million, down from the fourth quarter's $1.6 million cash burn.

It ended the quarter with $13.2 million in cash, enough to fund another 9 quarters identical to its last.

LiveHire share price snapshot

While today has been a tough one for the LiveHire share price, it's been performing well this year.

Right now, it is 21% higher than it was at the start of 2021. It has also gained 6% since this time last year.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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