ZipRecruiter, an online employment marketplace, reported a decrease in financial performance for the first quarter ended March 31, 2024. The company's revenue dropped to $122.2 million from $183.7 million in the same period last year, marking a 33% decline. The net loss for the quarter was $6.5 million, compared to a net income of $5.0 million in the previous year. Adjusted EBITDA also fell to $20.8 million from $35.3 million, with the margin slightly decreasing from 19% to 17%. The number of Quarterly Paid Employers saw a slight increase from the previous quarter, but overall, there was a decrease year-over-year. Revenue per Paid Employer also decreased in the quarter. The company attributes the decline in performance to the challenging macroeconomic conditions, including high inflation and interest rates, which...Show More

ZipRecruiter, an online employment marketplace, reported a decrease in financial performance for the first quarter ended March 31, 2024. The company's revenue dropped to $122.2 million from $183.7 million in the same period last year, marking a 33% decline. The net loss for the quarter was $6.5 million, compared to a net income of $5.0 million in the previous year. Adjusted EBITDA also fell to $20.8 million from $35.3 million, with the margin slightly decreasing from 19% to 17%. The number of Quarterly Paid Employers saw a slight increase from the previous quarter, but overall, there was a decrease year-over-year. Revenue per Paid Employer also decreased in the quarter. The company attributes the decline in performance to the challenging macroeconomic conditions, including high inflation and interest rates, which have led to moderated hiring plans and reduced recruitment budgets among employers. Despite the downturn, ZipRecruiter continues to invest in its marketplace, focusing on expanding its employer and job seeker footprints, increasing engagement, and enhancing datasets and machine learning. Looking ahead, ZipRecruiter plans to invest aggressively to improve functionality and drive growth, maintaining a commitment to operational efficiencies.