ZipRecruiter® (NYSE: ZIP), a leading online employment marketplace, today announced financial results for the quarter ended September 30, 2024. ZipRecruiter’s complete third quarter results, financial guidance, and management commentary can be found by accessing ZipRecruiter’s shareholder letter on the quarterly results page of the Investor Relations website at investors.ziprecruiter.com.
- Quarterly revenue of $117.1 million
- Quarterly net loss of ($2.6) million, or net loss margin of (2)%
- Quarterly Adjusted EBITDA of $15.0 million, or Adjusted EBITDA margin of 13%
- Company announces $100 million increase to share repurchase program authorization
“While by several measures this is one of the more prolonged downturns in hiring activity, we are confident in the long term health of the U.S. labor market and see the end of the ‘Great Stay’ as a future tailwind. Navigating the ups and downs of the labor market is a reality of our business. Our playbook has proven effective during this period, as we are able to invest in product and technology while maintaining financial strength,” said Ian Siegel, CEO of ZipRecruiter. “We remain intently focused on our mission of actively connecting people to their next great opportunity. Our share gains with job seekers are proof that our product roadmap is working, and we believe is an early signal of future market share shifts in revenue dollars from employers.”
Additionally, the company announced that its Board of Directors has authorized a $100 million increase to its share repurchase program under which ZipRecruiter may repurchase shares of its outstanding common stock. ZipRecruiter believes investing in undervalued equity is an attractive option in its balanced capital allocation approach.
