ZipRecruiter, Inc. reported significant financial changes in its third quarter and nine-month results for 2024, reflecting a challenging market environment. For the three months ended September 30, 2024, the company generated revenue of $117.1 million, a 25% decrease from $155.6 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $363.0 million, down 29% from $509.8 million year-over-year. This decline is attributed to a reduced number of Quarterly Paid Employers, influenced by high interest rates and economic uncertainty, despite a slight increase in revenue per Paid Employer.
Gross profit for Q3 2024 was $104.7 million, compared to $141.1 million in Q3 2023, while gross margins decreased slightly to 89% from 91%. The company reported a loss from operations of $3.2 million for Q3 2024, a stark contrast to an income of $32.7 million in Q3 2023. Net loss for the quarter was $2.6 million, compared to a net income of $24.1 million in the prior year. For the nine-month period, ZipRecruiter recorded a net loss of $2.1 million, down from a net income of $43.5 million in 2023.
In terms of expenses, total operating expenses for Q3 2024 were $12.4 million, down from $14.5 million in Q3 2023. Research and development expenses increased slightly to $33.6 million, while general and administrative expenses decreased to $20.5 million. The company also reported a decrease in sales and marketing expenses, reflecting a strategic shift in response to market conditions.
On the strategic front, ZipRecruiter made a notable acquisition on July 23, 2024, acquiring Poplar Technologies Ltd (d/b/a Breakroom), a UK-based employee review platform, for $13.3 million. This acquisition is expected to enhance ZipRecruiter's service offerings in the retail and hospitality sectors.
As of September 30, 2024, ZipRecruiter had total assets of $652.0 million, down from $659.5 million at the end of 2023. The company’s cash and cash equivalents decreased to $225.6 million, while marketable securities increased to $272.0 million. Total liabilities also decreased to $638.4 million, with stockholders' equity rising to $13.6 million.
The company continues to navigate a complex economic landscape, with plans to expand its sales and marketing capabilities while managing costs effectively.
About ZIPRECRUITER, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.