Boss Zhipin Soars After Chinese Recruitment Platform’s Third-Quarter Revenue Beats Estimates
Xu Wei
DATE:  Nov 30 2022
/ SOURCE:  Yicai
Boss Zhipin Soars After Chinese Recruitment Platform’s Third-Quarter Revenue Beats Estimates Boss Zhipin Soars After Chinese Recruitment Platform’s Third-Quarter Revenue Beats Estimates

(Yicai Global) Nov. 30 -- Shares in Boss Zhipin surged yesterday in New York after the Chinese recruitment platform announced better-than-expected earnings results for the third quarter.

Operator Kanzhun’s share price [NASDAQ:BZ] jumped 9.2 percent to end the day at USD16.47.

Boss Zhipin logged CNY1.18 billion (USD165.7 million) in revenue in the three months ended Sept. 30, according to its latest financial report released yesterday. Although this was a 2.7% dip from the same time last year, it still exceeded the firm’s previous forecast for the period, given in its last quarterly report, at between CNY1.14 billion and CNY1.16 billion.

Profit, though, slumped 26 percent to CNY212 million (USD29.8 million) over the period. This has to do with surging expenses. The firm’s spending on research and development soared 39 percent to CNY290 million (USD40.9 million), while that on general and administrative expenses surged 26.6 percent to CNY156 million (USD21.9 million).

“Our user base growth has regained its fast momentum,” founder, Chairman and Chief Executive Officer Jonathan Zhao said. The average number of monthly active users for the quarter jumped 12.5 percent to hit a record high of 32.4 million, propelling the quick recovery of our business, he added.

Revenue for the fourth quarter is likely to be between CNY1.05 billion (USD148 million) and CNY1.09 billion, considering the impact of the pandemic on the Chinese market and operating environment, it said. The first figure would constitute a slide of around 3.8 percent year on year while the second figure would be on par with last year.

“Looking ahead, we will stay true to our original aspiration to better serve our users. Despite the near-term uncertainties, we are confident that strong user growth, combined with our efficient services and technical capabilities, will continue to drive sustainable business growth in the years to come,” Zhao said.

Editor: Kim Taylor

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Keywords:   KANZHUN,BOSS Zhipin,Financial Statements