KANZHUN LIMITED Reports Impressive Revenue Growth in Q3

Financial Highlights of KANZHUN LIMITED

In a promising update, KANZHUN LIMITED (NASDAQ: BZ; HKEX: 2076), a frontrunner in the online recruitment industry in China, released its financial results for the most recent quarter. The report reflects a significant year-on-year growth, emphasizing the resilience and potential of the company's business model.

Growth in Paid Enterprise Customers

The company reported an impressive 22.4% increase in the total number of paid enterprise customers, reaching 6.0 million during the twelve months leading to September 30, 2024. This growth up from 4.9 million the previous year highlights the strong demand for its services.

Surge in Active Users

Monthly active users (MAU) experienced a substantial boost as well, with an increase of 30.0%, soaring to 58.0 million compared to 44.6 million in the same quarter of 2023. This surge in user engagement indicates a positive trend in the utilization of online recruitment services.

Revenue and Income Increases

Financially, KANZHUN LIMITED reported revenues of RMB1,911.6 million (approximately US$272.4 million) for the third quarter of 2024. This represents a notable year-over-year increase of 19.0% from RMB1,606.6 million recorded in the same period last year.

Furthermore, income from operations for this quarter rose to RMB330.2 million (US$47.1 million), marking a 26.5% increase from RMB261.0 million in Q3 2023. Adjusted income from operations also reached RMB605.3 million (US$86.2 million), a significant increase of 10.2% over the previous year's adjusted figure.

Net Income Performance

KANZHUN LIMITED's net income increased by 8.9% to RMB463.8 million (US$66.1 million) in Q3 2024 compared to RMB425.7 million for the same quarter the previous year. The adjusted net income figures underscore this positive trajectory, totaling RMB738.9 million (US$105.3 million), which is an increase of 3.5% year-on-year.

Remarks from Company Executives

Mr. Jonathan Peng Zhao, the company's Founder, remarked on the broader context of the recruitment market, stating, "Despite the challenging landscape in recruitment, our strategic focus on growth areas is yielding encouraging returns. Our robust user growth and enterprise retention validate our business model and monetization efforts."

Mr. Phil Yu Zhang, Chief Financial Officer, elaborated on the financial performance, emphasizing the 19.0% increase in revenues and the record high for quarterly net income. He also highlighted the importance of maintaining a stable cost structure while improving marketing efficiency, which will bolster profitability going forward.

Outlook for Future Quarters

Looking ahead, KANZHUN LIMITED forecasts its total revenues for the fourth quarter of 2024 to be between RMB1.795 billion and RMB1.81 billion, projecting a year-on-year increase of around 13.6% to 14.6%. These expectations reflect the company’s insights into market conditions and operational strategies.

Share Repurchase Program Update

The company also announced a new share repurchase program authorized in August 2024, allowing for the repurchase of up to US$150 million in shares over the next twelve months. This program is intended to complement an existing repurchase initiative designed to enhance shareholder value.

About KANZHUN LIMITED

KANZHUN LIMITED operates BOSS Zhipin, China's leading online recruitment platform, which connects job seekers to enterprises efficiently through its advanced mobile application. This transformative technology promotes two-way communication and focuses on intelligent recommendations, creating a more streamlined recruiting process.

Frequently Asked Questions

What are the main financial highlights of Q3 2024 for KANZHUN LIMITED?

KANZHUN LIMITED reported a 19.0% increase in revenue, reaching RMB1,911.6 million, and net income of RMB463.8 million, an 8.9% increase from the previous year.

How many active users does KANZHUN LIMITED have?

The company reported 58.0 million monthly active users for Q3 2024, marking a 30.0% increase compared to the same quarter in 2023.

What is the company's projected revenue growth for Q4 2024?

KANZHUN LIMITED expects its Q4 2024 revenues to range between RMB1.795 billion and RMB1.81 billion, reflecting a year-on-year increase of approximately 13.6% to 14.6%.

What is the purpose of the share repurchase program by KANZHUN LIMITED?

The share repurchase program aims to enhance shareholder value by repurchasing up to US$150 million of the company's shares over the next twelve months.

How does KANZHUN LIMITED support its user base?

Through its platform BOSS Zhipin, KANZHUN LIMITED delivers intelligent recruitment solutions which enhance interaction between job seekers and enterprises, ultimately improving recruitment efficiency.

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