Q3 2024 Ziprecruiter Inc Earnings Call Transcript
Key Points
- ZipRecruiter Inc (ZIP) exceeded the high end of guidance for both revenue and adjusted EBITDA in Q3 2024.
- The company has seen a 13% year-over-year increase in job seeker traffic, outperforming its largest competitors.
- Zip Intro, a new product, has been fully launched and is gaining strong traction, with employers receiving over three times more quality applications per job.
- The new resume database has shown a 20% increase in average weekly candidate profile unlocks since its launch.
- ZipRecruiter Inc (ZIP) maintains a healthy balance sheet with $498 million in cash, cash equivalents, and marketable securities as of September 30, 2024.
- Q3 2024 revenue of $117.1 million represents a 25% decline year-over-year, primarily due to reduced demand from SMBs.
- Net loss in Q3 was $2.6 million, compared to net income of $24.1 million in Q3 2023.
- Quarterly paid employers decreased by 27% year-over-year, reflecting reduced demand and labor market volatility.
- The company anticipates a 21% year-over-year revenue decline in Q4 2024, indicating continued labor market challenges.
- The prolonged downturn in hiring activity, similar in duration to the 2008 recession, continues to impact ZipRecruiter Inc (ZIP)'s performance.
Thank you for standing by. My name is Mark and I will be your conference operator today. At this time. I would like to welcome everyone to C Recruiter and Q3 2024 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, see press star followed by the number one on your telephone keypad. If you would like to withdraw your question. Press star one again. Thank you. I would now like to turn the call over to Andrew Haroldson and fast relations. Andrew.
Thank you operator and good afternoon. Thank you for joining us in our earnings conference call during which we will discuss ziprecruiter's performance for the quarter ended, September 30th 2024 and guidance for the fourth quarter, 2024. Joining me on the call today are Ian Siegel, co founder and CEO David Travers, President and Tim Yarborough co. Before we begin, please be reminded that forward-looking
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