Cover photo of the article
Natalie.Sullivan


Kanzhun Limited Reports Strong Revenue Growth and User Expansion in Q2 2024

2024-09-01

Kanzhun Limited, a prominent online recruitment platform, recently conducted its Second Quarter 2024 Earnings Conference Call, during which key executives Wenbei Wang, Peng Zhao, and Phil Yu Zhang deliberated on various aspects of the company's performance and future strategies.

Peng Zhao, the Founder, Chairman, and CEO of Kanzhun Limited, outlined the financial results for the second quarter of 2024. The company achieved calculated cash billings of RMB 1.95 billion, marking a 20% year-on-year increase. GAAP revenue reached RMB 1.92 billion, reflecting a 29% year-on-year rise. The net profit stood at RMB 420 million, while the adjusted net income, excluding share-based compensation expenses, surged to RMB 720 million, representing a 26% year-on-year increase.

Cover photo of the article

During the conference, significant emphasis was placed on the growth rate of the average verified Monthly Active Users (MAU) on the BOSS Zhipin app, which expanded by 25% year-on-year to 54.6 million in the second quarter of 2024. Despite encountering weaker demand from the recruitment side in the latter part of the quarter, the company expressed optimism regarding the growth trend of enterprise users.

User growth was identified as a fundamental driver for revenue expansion within the company, attracting investors, employees, and talents. The management team exhibited confidence in long-term structural growth opportunities rooted in the Chinese market economy, labor supply shortages, and an efficient service model.

In a bid to enhance returns for shareholders, Kanzhun Limited unveiled plans to intensify share buyback endeavors. The financial results for the second quarter of 2024 showcased robust top and bottom-line growth, with an uptick in paid enterprise customers and adjusted operating profit and margin.

Looking forward, the company projected revenue growth ranging between RMB 1.9 billion and RMB 1.92 billion, with a year-on-year increase of 18.2% to 19.5%. The management team remained steadfast in their commitment to achieving the full-year profit target, managing expenses effectively, and prioritizing product initiatives to propel user growth.

The conference call also delved into challenges associated with maintaining a balanced supply and demand ratio, strategies aimed at augmenting market share, observations on recruitment demand across various industries, and the significance of the W.D technology acquisition in facilitating expansion into the blue-collar manufacturing sector.

In conclusion, Kanzhun Limited's Second Quarter 2024 Earnings Conference Call offered valuable insights into the company's financial performance, growth strategies, and initiatives geared towards enhancing shareholder returns. With a strategic focus on user growth, revenue expansion, and bolstering market competitiveness, Kanzhun Limited continues to solidify its position as a key player in the online recruitment industry.