ZipRecruiter Inc (ZIP) Q3 2024 Earnings Call Highlights: Navigating Market Challenges with ...

GuruFocus.com11-07

Revenue: $117.1 million, down 25% year over year. Net Loss: $2.6 million, equating to a net loss margin of negative 2%. Adjusted EBITDA: $15 million, with an adjusted EBITDA margin of 13%. Quarterly ...

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GuruFocus has detected 6 Warning Signs with KAR.\n\nRelease Date: November 06, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nZipRecruiter Inc (NYSE:ZIP) exceeded the high end of guidance for both revenue and adjusted EBITDA in Q3 2024.\nThe company has seen a 13% year-over-year increase in job seeker traffic, outperforming its largest competitors.\nZip Intro, a new product, has been fully launched and is gaining strong traction, with employers receiving over three times more quality applications per job.\nThe new resume database has shown a 20% increase in average weekly candidate profile unlocks since its launch.\nZipRecruiter Inc (NYSE:ZIP) maintains a healthy balance sheet with $498 million in cash, cash equivalents, and marketable securities as of September 30, 2024.\n\n Negative Points \n\nQ3 2024 revenue of $117.1 million represents a 25% decline year-over-year, primarily due to reduced demand from SMBs.\nNet loss in Q3 was $2.6 million, compared to net income of $24.1 million in Q3 2023.\nQuarterly paid employers decreased by 27% year-over-year, reflecting reduced demand and labor market volatility.\nThe company anticipates a 21% year-over-year revenue decline in Q4 2024, indicating continued labor market challenges.\nThe prolonged downturn in hiring activity, similar in duration to the 2008 recession, continues to impact ZipRecruiter Inc (NYSE:ZIP)'s performance.\n\n Q & A Highlights \nQ: Can you provide insights into the verticals ZipRecruiter serves and any notable trends? A: David Travers, President, noted that ZipRecruiter's business reflects the overall US economy without concentration in any single sector. Healthcare remained robust despite some softness, while transportation, storage, travel, and leisure showed weaker performance. Early cycle verticals like finance and technology, which initially showed weakness, were in the middle range of performance.\nQ: How are enterprise customers performing compared to SMBs? A: David Travers highlighted that enterprise customers were more robust than SMBs, with performance marketing revenue from enterprises increasing to 22%. This growth is attributed to hiring needs in sectors like healthcare and effective execution by ZipRecruiter's teams.\nQ: What is the outlook on the \"great stay\" and its impact on hiring? A: Ian Siegel, CEO, explained that the \"great stay\" is characterized by a significant drop in the quit rate, contributing to reduced hiring. Factors such as high salaries, perks, and low-interest mortgages are causing employees to stay longer. However, ZipRecruiter believes in the long-term health of the US labor market and expects hiring to resume as the economy stabilizes.\nQ: How does the Q4 guidance account for seasonal and market factors? A: Timothy Yarbrough, CFO, stated that the Q4 guidance considers both a typical seasonal decline, primarily from SMBs, and the ongoing softness in the labor market. The guidance reflects these dynamics.\nQ: What is the timeline for launching Breakroom in the US, and how will new products be monetized? A: Ian Siegel mentioned that Breakroom is performing well in the UK, and work is underway for a US launch in 2025. New products like the resume database and Zip Intro are in the value maximization phase, with revenue contributions expected to grow over time, enhancing customer satisfaction.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481248923"}