Q2 2024 Kanzhun Ltd Earnings Call Transcript
Key Points
- Kanzhun Ltd (BZ) achieved calculated cash billings of RMB1.95 billion, up 20% year on year.
- GAAP revenue reached RMB1.92 billion, up 29% year on year, with a net profit of RMB420 million.
- Adjusted net income, excluding share-based compensation expenses, rose to RMB720 million, up 26% year on year.
- The company attracted around 28 million newly added verified users in the first half of the year.
- Total paid enterprise customers increased by 31% year on year to 5.9 million.
- Cash billings in the second quarter were weaker on a quarter-on-quarter basis and below expectations.
- Weaker demand from the recruitment side, with fewer enterprise users and more job seekers in the market.
- The company's share-based compensation expenses reached a peak level in this quarter.
- The macroeconomic environment remains challenging, impacting recruitment demand.
- The company is facing a high CV ratio, indicating a mismatch between job seekers and enterprise users.
Ladies and gentlemen, thank you for standing by, and welcome to the Kanzhun Limited second-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 second-quarter 2024 and 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. We each have based on management's current expectations and observations that involve known and unknown known and unknown risks, uncertainties and other factors not under the company's control, which may cause actual results performance or achievements of the company to be materially different.
The
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