Q3 2024 Kanzhun Ltd Earnings Call Transcript
Key Points
- Kanzhun Ltd (BZ) achieved a revenue of RMB1.91 billion, marking a 19% year-on-year increase.
- The company reported a net income of RMB460 million and an adjusted operating income of RMB610 million, reflecting a 10% year-on-year growth.
- User growth remained strong, with average monthly active users on the BOSS Zhipin app reaching 58 million, a 30% year-on-year increase.
- The number of paid enterprise customers increased by 22% year-on-year, reaching around 6 million.
- Kanzhun Ltd (BZ) repurchased approximately USD220 million worth of shares this year, demonstrating confidence in long-term growth prospects.
- Marketing expenses increased due to additional resources allocated for brand promotion during the Olympic Games and Euro Cup 2024.
- The growth of the short-term paying ratio slowed down, affecting the company's paying ratio growth.
- The recruitment market environment remains challenging, impacting the overall growth trajectory.
- Share-based compensation expenses, although declining, have historically accounted for a high proportion of revenue.
- The blue-collar revenue growth rate has significantly slowed down, mainly due to weak urban service industry performance.
Ladies and gentlemen, thank you for standing by, and welcome to the Kanzhun Limited third quarter 2024 financial results conference call. (Operator Instructions) Today's conference is being recorded.
At this time, I would like to turn the conference over to Ms. Wenbei Wang, Head of Investor Relations. Please go ahead, ma'am.
Thank you, operator. Good evening, and good morning, everyone. Welcome to our third quarter 2024 earnings conference call. Joining me today are our Founder, Chairman, and CEO, Mr. Jonathan Peng Zhao; and our Director and CFO, Mr. Phil Yu Zhang.
Before we start, we would like to remind you that today's discussion may contain forward-looking statements, which are based on management's current expectations and beliefs that involve known and unknown risks, uncertainties and other factors not under company's control, which may cause actual results, performance or achievements of the company to be materially different.
The company cautions you not to place undue
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