Summary by Moomoo AI
ZipRecruiter, a leading online employment marketplace, reported a decline in financial performance for the third quarter ended September 30, 2024. The company's revenue dropped to $117.1 million from $155.6 million in the same quarter the previous year, marking a 25% decrease. The net loss for the quarter was $2.6 million, a significant shift from the net income of $24.1 million reported in Q3 2023. Adjusted EBITDA also fell to $15.0 million from $54.4 million year-over-year. Despite a slight increase in Revenue per Paid Employer, the number of Quarterly Paid Employers decreased, reflecting a softening in hiring demand due to challenging economic conditions. The company's business development efforts continue with investments in marketplace functionality and growth, including significant investments in datasets and machine learning. ZipRecruiter plans to maintain aggressive investments to drive future growth, focusing on improving its AI-powered career advisor and matching technology. The company's future plans include continued investment in its marketplace to enhance user experience and drive growth, despite the current economic uncertainty and a decrease in employer spending on recruitment services.
