Kanzhun Limited Reports Third Quarter 2024 Financial Results
Intellectia.AI
Kanzhun Limited, operating as BOSS Zhipin and a leading online recruitment platform in China, announced its unaudited financial results for the quarter ending September 30, 2024.
Key Financial Metrics
| Financial Metric | Q3 2024 | Q3 2023 | YoY Change |
|---|---|---|---|
| Total Revenue (USD) | $272.4 million | $229.0 million | +19.0% |
| Net Income (USD) | $66.1 million | $60.2 million | +9.8% |
| Adjusted Net Income (USD) | $105.3 million | $101.9 million | +3.3% |
| Basic Net Income per ADS (USD) | $0.15 | $0.14 | +7.1% |
| Adjusted Basic Net Income per ADS | $0.24 | $0.23 | +4.4% |
Kanzhun Limited achieved substantial financial growth in the third quarter of 2024, with total revenues and net income rising significantly year-over-year, reflecting the company's strong market position and business resilience despite challenging economic conditions.
Revenue by Segment
| Segment | Q3 2024 Revenue (USD) | Q3 2023 Revenue (USD) | YoY Change |
|---|---|---|---|
| Online Recruitment Services | $269.2 million | $226.8 million | +18.7% |
| Other Services (Value-Added Services) | $3.2 million | $2.2 million | +49.0% |
Revenue growth across segments was robust, particularly in value-added services, which benefited from an expanded user base. This underscores the company's ability to diversify its income streams and capitalize on its growing user engagement.
Key Developments and Operational Highlights
- The total number of paid enterprise customers surged by 22.4% to 6.0 million.
- Average monthly active users (MAU) increased by 30.0% year-over-year to 58.0 million.
- A new share repurchase program was authorized, allowing up to $150 million in buybacks.
Summary of Executive Commentary
Jonathan Peng Zhao, Founder, Chairman, and CEO, expressed satisfaction with the company's growth strategies that continue to drive positive outcomes in a challenging recruitment market. He emphasized the company's strong user growth, increased enterprise retention, and stable average revenue per user, which highlight the resilience and sustainability of Kanzhun Limited's business model. CFO Phil Yu Zhang added that improved marketing efficiency and cost structures contributed to record-high quarterly net incomes, and ongoing cost control would enhance future profitability.
Share Repurchase Program
Kanzhun Limited's board authorized a new share repurchase program effective August 29, 2024, for a 12-month period, allowing the company to repurchase up to $150 million of its shares.
Forward Guidance
For Q4 2024, the company anticipates total revenues between RMB1.795 billion and RMB1.81 billion, projecting an increase of 13.6% to 14.6% year-over-year. This outlook reflects current market conditions and operational strategies within China.
In summary, Kanzhun Limited's third quarter results showcase solid growth in both revenue and user engagement, supported by strategic initiatives and market execution. The company's long-term growth trajectory looks promising with ongoing investments and strategic focus despite external challenges.
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