China-based recruitment marketplace Boss Zhipin, also known as Kanzhun Limited, has started off 2023 with 12.3% year-on-year (y-o-y) growth in revenue during the first quarter, driven primarily by online recruitment services to paid corporate customers, according to its earnings announcement.

Kanzhun’s y-o-y top-line growth was flat with a $49.4 million U.S. operating loss during the preceding quarter (Q4 2022).

In Q1 2023, the group’s revenue increased to RMB1.3 billion ($186 million U.S.) from RMB1.1 billion in the same quarter of 2022.

Though the number of paid enterprise customers stayed unchanged at 4 million as of March-end compared to last year, revenue from them grew by 11.8% y-o-y, “mainly driven by the user growth and recovery of recruitment demand after the spring festival.”

From paid value-added services to job-seekers, the company generated RMB17.5 million in revenue in Q1, representing a 65.1% y-o-y rise.

Zhipin’s Q1 average monthly active users (MAU) soared by 58% y-o-y to 39.7 million.

As operating costs and expenses increased across the board, losses from operations significantly widened to RMB77.3 million from RMB3.3 million.

However, net income amounted to RMB32.7 million in Q1, compared to a net loss of RMB12.2 million in Q1 2022.

“We are pleased to deliver a strong quarter with revenue growth starting to re-accelerate, driven by robust user growth and a rebound of recruitment demand post-spring festival. Our MAU, revenues, calculated cash billings and multiple other key metrics hit record highs in the quarter. We are confident to maintain this growth momentum and continue delivering solid results in the coming quarters,” said Jonathan Peng Zhao, CEO of Kanzhun.

The company forecasts Q2 revenue of between RMB1.43 and RMB1.46 billion, or 28.6% to 31.3% y-o-y growth.

Founded in 2014, the group is listed on the Nasdaq and the stock exchange of Hong Kong with the BZ and Boss Zhipin-W (2076) ticker symbols, respectively.

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