ZipRecruiter, a leading online employment marketplace, reported a decrease in financial performance for the quarter ended June 30, 2024. The company's revenue for the quarter was $123.7 million, a significant drop from $170.4 million in the same quarter the previous year. Net income also fell to $7.0 million, down from $14.4 million year-on-year. Adjusted EBITDA was reported at $27.8 million, compared to $43.3 million in the prior year's quarter. The company attributed the decline to a challenging economic climate, with high inflation and interest rates impacting the labor market and leading to a reduction in hiring plans by employers. Despite the decrease in Quarterly Paid Employers, Revenue per Paid Employer saw a slight increase, indicating improved value in the services offered. ZipRecruiter plans to...Show More

ZipRecruiter, a leading online employment marketplace, reported a decrease in financial performance for the quarter ended June 30, 2024. The company's revenue for the quarter was $123.7 million, a significant drop from $170.4 million in the same quarter the previous year. Net income also fell to $7.0 million, down from $14.4 million year-on-year. Adjusted EBITDA was reported at $27.8 million, compared to $43.3 million in the prior year's quarter. The company attributed the decline to a challenging economic climate, with high inflation and interest rates impacting the labor market and leading to a reduction in hiring plans by employers. Despite the decrease in Quarterly Paid Employers, Revenue per Paid Employer saw a slight increase, indicating improved value in the services offered. ZipRecruiter plans to continue aggressive investments in its marketplace to enhance functionality and drive growth. The company's future plans include significant investments in expanding employer and job seeker engagement, enhancing datasets, and advancing machine learning capabilities. ZipRecruiter remains free for job seekers, with AI-powered technology to assist in job matching. The company's financial health is supported by a strong balance sheet with $523.3 million in cash, cash equivalents, and marketable securities, and an increased credit facility from $250.0 million to $290.0 million in July 2024.