ZipRecruiter reports revenue up 107% in Q3, raises full-year guidance

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November 11, 2021

Job aggregator ZipRecruiter Inc. (NYSE: ZIP) reported third-quarter revenue rose 106.8% TO $212.7 million, 15% above the midpoint of guidance. However, net income fell 4.5%.

The Santa Monica, California-based company also raised guidance for the full-year 2021.

“ZipRecruiter delivered a record revenue quarter, as macroeconomic and hiring trends are strong,” CEO Ian Siegel said.

(US$ thousands) Q3 2021 Q3 2020 % change
Revenue $212,672 $102,851 106.8%
Gross profit $190,395 $89,902 111.8%
Gross margin percentage 89.5% 87.4%  
Net income $22,060 $23,106 -4.5%

“While employers’ demand for talent remains strong, we still see the same widely reported reticence on the part of some job seekers to enter into a new job search,” the company stated in a letter to shareholders. “Demand for workers still exceeds supply, with employment levels remaining far below pre-pandemic levels.”

Guidance

ZipRecruiter forecast fourth-quarter revenue between $203.0 million and $209.0 million, a year-over-year increase of between 78% and 83%. The guidance reflects an expectation for a seasonal decline during the fourth quarter, as well as a belief that macroeconomic conditions will begin to return to trends seen prior to the pandemic.

The company also raised its revenue forecast for the full year to between $724.0 million and $730.0 million, a year-over-year increase of between 73% and 75%; this is up from the earlier forecast of a 56% to 59% increase.

Share price and market cap

Shares in ZipRecruiter were up 15.4% to $30.74 as of 11:38 a.m. Eastern time today; they were 3.94% below the 52-week high set on Aug 13, 2021, according to FT.com. ZipRecruiter has a market cap of $3.08 billion.

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