Indeed and Glassdoor continued to be star performers for Recruit Holdings in the third quarter of 2019. The Tokyo-headquartered group’s quarterly revenue grew by a modest 3.6% year-on-year to Y608.5 billion ($5.5 billion U.S.).
The company attributed its quarterly revenue growth to outstanding performance in its HR Technology segment, which includes job marketplace Indeed.com and recruitment and employer-review site Glassdoor.com. Recruit’s international portfolio also comprises recruitment site Workopolis.com, CV site Resume.com, temp staffing app Syft and automated recruitment platform ClickIQ.
The HR segment’s revenue rose 28.6% to Y109.5 billion in the third quarter. In U.S. dollar terms, revenue increased 33.5% to $1 billion U.S.
“Revenue growth was primarily driven by growing job advertising revenue,” the company said in its financials.
The segment’s quarterly adjusted EBITDA margin was 17.5% compared to 15.4%, primarily due to decreased sales growth and marketing expenses compared to the pace of revenue growth.
Last quarter, Indeed and Glassdoor attracted approximately 250 million and 60 million monthly unique visitors and had approximately 9,800 and 1,000 employees, respectively.
Revenue for housing and real estate segment mostly came from advertising on Recruit’s Japanese property vertical Suumo.jp. Quarterly revenue from the segment rose 7% to Y28.4 billion.
“Some enterprise clients, including in manufacturing, reduced their job advertising spending in the face of challenging business environment,” the company said. “The overall Japanese labor market remained extremely tight.”
Recruit Holdings was founded in 1960 and operates 18 recruitment, auto, and real estate sites, as well as dozens of staffing companies worldwide.