China-based recruitment marketplace Boss Zhipin, also known as Kanzhun Limited, delivered strong results during the third quarter of 2023 with all its key indicators — cash billings and active users — showing double-digit growth.
In Q3 2023, revenue from online recruitment services to enterprise customers increased 36.7% y-o-y to RMB1.6 billion, “driven by the user growth and increased user engagement,” noted Kanzhun in a news release.
Average monthly active users rose 37.7% y-o-y to 44.6 million during the quarter.
Job seekers also paid RMB15.1 million in Q3 to avail value-added services. The amount was a 7.1% growth from RMB14.1 million in Q2 2022.
Overall, the company’s revenue soared 36.3% y-o-y to RMB1.6 billion ($220 million U.S.).
Notably, the revenue growth offset escalating cost of revenues, marketing, R&D and administrative expenses during the third quarter as income from operations significantly increased 89.3% y-o-y to RMB261 million ($35.8 million). Net income doubled from RMB212 million to RMB426 million.
For Q4 2023, Kanzhun forecasts 39.6% to 43.3% y-o-y revenue growth to be in the range of RMB1.51 billion and RMB1.55 billion.
“It is encouraging that recruitment demand continued to improve this quarter, as evidenced by the sequential growth in average monthly active enterprises and enterprise users,” said Jonathan Peng Zhao, chief executive officer of the company.
“Backed by our continuously increased operating cash flow, we are delighted to announce that the board of directors has approved a special cash dividend of approximately $80 million, showcasing our enduring commitment to providing sustainable value to our shareholders.”
Founded in 2014, the company is listed on both the Nasdaq and Hong Kong stock exchanges, with the BZ and Boss Zhipin-W (2076) ticker symbols, respectively.