Online Recruitment Platform Boss Zhipin Records Revenue of CNY 1138 Mn in Q1, up 44.3%

Communication Author: Yiru Qian Jun 27, 2022 10:07 PM (GMT+8)

It’s become increasingly common for firms in China to interview and screen job applicants remotely amid heightened risks of close physical contact during Covid-19.

Boss direct employment

Chinese online recruitment platform Kanzhun Limited, or BOSS Zhipin (BZ:NASDAQ) announced its unaudited financial results for the first quarter ended March 31, 2022.

Revenues for the first quarter of 2022 were CNY 1,137.9 million (USD 179.5 million), an increase of 44.3% from CNY 788.5 million for the same quarter of 2021. The increase was primarily due to the growth in revenues from online recruitment services to enterprise customers.

The company recorded a net loss of CNY 12.2 million and an adjusted net income of CNY 121.1 million in Q1, compared with an adjusted net loss of CNY 127.5 million in the same period last year.

According to the quarterly report, its average monthly active users (MAUs) for the reporting quarter were 25.2 million, compared to 24.9 million for the same quarter of 2021.

As of March 2022, Boss has served a total of 85.8 million certified applicants, of which 55% are white-collar and gold-collar job seekers.

For the second quarter of 2022, Boss Zhipin expects its total revenues to be between CNY 1.09 billion and CNY 1.10 billion, representing a year-on-year decrease of 6.7% to 5.8% given the impact of the resurgence of COVID-19.

Boss Zhipin faces stiff competition from traditional Internet recruiters and market leaders such as (JOB:NASDAQ), Zhilian Zhaopin (ZPIN: NYSE), Liepin (6100:HK), Ganji Zhizhao (Chinese:赶集直招).

As of press time, the price closed at USD 27.52 apiece, with a market cap of USD 11.98 billion.