Kanzhun Limited Sees Strong Growth and Market Expansion in Q1 2024

2024-05-22

Kanzhun Limited, a prominent online recruitment platform, recently conducted its first quarter 2024 financial results conference call. The meeting was attended by key executives including Wenbei Wang, Peng Zhao, and Phil Yu Zhang, as well as analysts such as Robin Zhu, Eddy Wang, Timothy Zhao, and Yang Bai. During the conference call, they delved into various aspects of the company's performance and future prospects.

Peng Zhao, the Founder, Chairman, and CEO of Kanzhun Limited, highlighted the financial accomplishments of the company in the first quarter. Notably, the company experienced substantial growth in calculated cash billings, GAAP revenue, net profit, and adjusted net income. The BOSS Zhipin app, a pivotal platform for Kanzhun Limited, witnessed a surge in verified Monthly Active Users, with over 17 million new users added by March 31, 2024.

The company's successful focus on attracting more paid enterprise customers was evident, with approximately 5.7 million enterprise customers participating in paid recruitment activities over the past twelve months. Despite less than 10% of China's enterprises paying for online recruitment services, Kanzhun Limited's average annual payment per enterprise on BOSS Zhipin remained below RMB 2,000.

Significant growth was observed in the blue-collar segment in terms of user numbers and revenue contribution, while second-tier and lower-tier cities continued to show growth in user engagement and revenue. Moreover, large companies exhibited stronger recruitment demand compared to smaller enterprises in the first quarter.

Kanzhun Limited reported a notable 33% increase in revenue year-over-year, accompanied by a substantial rise in net income and adjusted net margin. The company's growth strategy is centered on increasing the number of paid enterprises, enhancing market share, and improving monetization strategies to drive revenue growth.

Looking forward, Kanzhun Limited aims to uphold its competitive position in the market by enhancing services for both job seekers and recruiters. The company anticipates an improvement in its margin profile, with a slight increase in gross margin and effective management of marketing and operational expenses.

With a robust financial performance, strategic growth initiatives, and a steadfast focus on customer satisfaction, Kanzhun Limited is well-positioned for sustained success in the online recruitment industry.