Zip Recruiter Co., Ltd. zip Shares are down in after-hours trading Tuesday after the company reported earnings and employers warned that they were pulling back on hiring plans for early 2023 and cutting hiring budgets.
ZipRecruiter Q4 Results: ZipRecruiter said fourth-quarter revenue was down 4% year-over-year to $210.5 million. According to Benzinga Pro, the figure beats his average analyst estimate of $206.28 million. Full-year 2022 earnings increased by 22%.
β2022 was a year of strong, profitable growth for ZipRecruiter. Delivering 22% revenue growth, 7% net profit margin and 20% adjusted EBITDA margin, even in a volatile employment environment. I was able to do it,” he said. Ian SiegelCEO of ZipRecruiter.
βIn the first few weeks of 2023, employers have eased hiring plans and cut hiring budgets in response to an increasingly uncertain macroeconomic backdrop… Our strength, agile business model and robust balance sheet not only position us to navigate the current macro environment well, but also allow ZipRecruiter to emerge as an even stronger company on the other side. increase.”
ZipRecruiter Outlook: ZipRecruiter expects first-quarter revenue of about $179 million, down about 21% year over year. The company expects its adjusted EBITDA in the first quarter to decline about 14% year-over-year.
ZipRecruiter expects full-year 2023 revenue in the $770 million to $790 million range, down 15% at the midpoint.
ZIP Price Action: ZipRecruiter’s stock fell 20.4% after hours to $18.50 at the time of publication, according to Benzinga Pro.
Photo: aymane jdidi from Pixabay.