51Job, the China-based human resources company, saw net revenues decline 8.4% in the third quarter of 2020. The company said the losses were due to a Covid-related dip in recruitment.
Overall, net revenues amounted to RMB 906.1 million ($133.5 million U.S.) compared to RMB 989 million in the same period last year. Gross profit came to RMB 584.4 million compared to RMB 682.3 million last year. The company attributed this to increased investments in technology, as well as an increase in seasonal staff.
Online recruitment services suffered the biggest hit — revenue for that segment was down 13.9% year-on-year to RMB 545.5 million. But, the company noted, the segment had actually grown 8.4% from Q2 due to an increase in contracts.
51Job ended Q3 with more cash on hand than at the end of 2019. As of Sept. 30, the company had RMB 10.1 billion in cash and short-term investments compared with RMB 9.9 billion at the end of 2019.