Kanzhun Ltd (BZ, Financial), a leading online recruitment platform in China, announced its unaudited financial results for the third quarter ended September 30, 2024. The company reported a 19% increase in revenue year-over-year, reaching RMB1,911.6 million (US$272.4 million). The number of paid enterprise customers grew by 22.4%, and average monthly active users increased by 30%. Despite a challenging recruitment market, Kanzhun Ltd demonstrated resilience and growth, supported by strategic initiatives and a robust business model. The press release was issued on December 11, 2024.
Positive Highlights
- Total paid enterprise customers increased by 22.4% year-over-year.
- Average monthly active users grew by 30% compared to the same period last year.
- Revenue rose by 19% year-over-year, reaching RMB1,911.6 million.
- Income from operations increased by 26.5% year-over-year.
- Net income reached RMB463.8 million, an 8.9% increase from the previous year.
Negative Highlights
- Operating costs and expenses increased by 16.8% year-over-year.
- General and administrative expenses rose by 30.5% due to higher employee-related costs.
- Net cash provided by operating activities remained relatively stable compared to the previous year.
Financial Analyst Perspective
From a financial analyst's perspective, Kanzhun Ltd's Q3 2024 results reflect a strong performance in a challenging market environment. The company's ability to increase revenue and maintain a growing user base is indicative of its effective business strategies and market positioning. The increase in operating income and net income, despite rising costs, suggests strong operational efficiency and cost management. The company's share repurchase program further demonstrates confidence in its long-term growth prospects.
Market Research Analyst Perspective
As a market research analyst, Kanzhun Ltd's performance highlights the growing demand for online recruitment services in China. The significant increase in monthly active users and paid enterprise customers indicates a robust market presence and the effectiveness of its platform in meeting user needs. The company's strategic focus on key growth engines and user retention is likely to sustain its competitive advantage in the online recruitment industry.
Frequently Asked Questions (FAQ)
Q: What was Kanzhun Ltd's revenue for Q3 2024?
A: Kanzhun Ltd reported a revenue of RMB1,911.6 million (US$272.4 million) for Q3 2024.
Q: How much did the average monthly active users increase?
A: The average monthly active users increased by 30% year-over-year, reaching 58.0 million.
Q: What is the company's outlook for Q4 2024?
A: Kanzhun Ltd expects total revenues for Q4 2024 to be between RMB1.795 billion and RMB1.81 billion, representing a year-over-year increase of 13.6% to 14.6%.
Q: What is the status of the share repurchase program?
A: The company has authorized a new share repurchase program effective from August 29, 2024, allowing for the repurchase of up to US$150 million of its shares.
Read the original press release here.
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