It’s become a common trend for firms in China to interview and screen job applicants remotely.
Chinese online recruitment platform Kanzhun Limited, or BOSS Zhipin (BZ:NASDAQ) announced its unaudited financial results for the second quarter ended June 30, 2022.
Revenues for the second quarter of 2022 were CNY 1,112.3 million (USD 166.1 million), representing a decrease of 4.8% from CNY 1168.2 million for the same quarter of 2021. The decrease was primarily due to the impact of the COVID-19 outbreak in Shanghai, Beijing and several other major cities.
The company returned to profit with a net income of CNY 76.3 million for Q2 2022, compared with a net loss of CNY 1414.1 million in the same period last year. The adjusted net income in the reporting period was CNY 257.2 million, up 4.3% YoY.
According to the quarterly report, its average monthly active users (MAUs) in the second quarter witnessed a drop of 12.8% from 30.4 million for the same quarter of 2021.
For the third quarter of 2022, Boss Zhipin expects its total revenues to be between CNY 1.14 billion and CNY 1.16 billion, representing a year-on-year decrease of 5.9% to 4.3% given the impact of the resurgence of COVID-19 that might negatively affect the recruitment needs.
Boss Zhipin faces stiff competition from traditional Internet recruiters and market leaders such as 51job.com (JOB: Nasdaq), Zhilian Zhaopin (ZPIN: NYSE), Liepin (6100:HK) and also online ad platform 58.com (WUBA:NYSE), which renamed its subsidiary ganji.com in an effort to diversify into the increasingly competitive recruitment market.
As of press time, the price closed at USD 22.77 apiece, with a market cap of USD 9.90 billion.