Q2 2024 Ziprecruiter Inc Earnings Call Transcript
Key Points
- ZipRecruiter Inc (ZIP) reported Q2 2024 revenue of $124 million, which was above the high end of guidance.
- Net income for Q2 2024 was $7 million, with an adjusted EBITDA of $28 million, equating to a 23% margin.
- Total ZipRecruiter web traffic in the U.S. grew by 22% year-over-year, outperforming competitors by 12 percentage points.
- The introduction of ZipIntro has shown strong results, with over 90% of job seekers likely to use it again and employers receiving over three times more quality applications.
- ZipRecruiter Inc (ZIP) acquired Breakroom, a U.K.-based employer review site, and plans to launch it in the U.S. to enhance its value proposition for job seekers.
- Revenue for Q2 2024 was down 27% year-over-year, reflecting continued softness in hiring demand.
- Quarterly paid employers decreased by 31% year-over-year and 2% sequentially, primarily due to reduced demand from SMBs.
- Net income decreased from $14 million in Q2 2023 to $7 million in Q2 2024.
- Guidance for Q3 2024 indicates a further revenue decline of 28% year-over-year and 9% quarter-over-quarter.
- The labor market remains uncertain and volatile, with recent trends showing a general softening, making the outlook for Q3 more cautious.
Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the ZipRecruiter Inc., Q2 2024 earnings conference call. (Operator Instructions) Thank you. I will now like to turn the conference over to Drew Haroldson, Investor Relations.
Thank you, operator, and good afternoon. Thank you for joining us on our earnings conference call during which we will discuss ZipRecruiter's performance for the quarter ended June 30, 2024, and guidance for the third quarter 2024. Joining me on the call today are Ian Siegel, Co-Founder and CEO; David Travers, President, and Tim Yarbrough, CFO.
Before we begin, please be reminded that forward-looking statements made today are subject to risks and uncertainties relating to future events and or the future financial performance of ZipRecruiter. Actual results could differ materially from those anticipated in these forward-looking statements.
A discussion of some of the risk
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