Summary by Moomoo AI
ZipRecruiter reported Q3 2024 revenue of $117.1 million, down 25% year-over-year, as employers reduced hiring amid challenging macroeconomic conditions. The company posted a net loss of $2.6 million compared to net income of $24.1 million in Q3 2023. Quarterly Paid Employers decreased to 65,222, though Revenue per Paid Employer increased slightly to $1,795.The company maintained strong operational metrics with an 89% gross margin and Adjusted EBITDA of $15.0 million, representing a 13% margin. Operating expenses remained stable at $107.9 million as the company balanced investments in research and development with cost management. Cash and marketable securities totaled $497.6 million at quarter end.In strategic moves, ZipRecruiter acquired UK-based employee review platform Breakroom in July 2024 for $13.3 million to expand its international presence. The company also increased its credit facility from $250 million to $290 million and continued its share repurchase program, with $25.8 million remaining available for future repurchases under the authorized $550 million program.