Recruit Holdings Co. Ltd., which ranks as one of the world’s largest staffing firms, reported revenue rose 11.2% as measured in yen in its fiscal third quarter ended Dec. 31, 2017. The Tokyo-based firm owns the Indeed jobs website, and reported fast growth on the site with Indeed revenue rising 60.6% on a US dollar basis.

Growth at Indeed “was mainly due to a combination of new customer acquisition and expanding spend from existing customers against the backdrop of a favorable economic environment and strong labor market,” according to the company. The site reached 250 million unique visitors in January.

Revenue by segment

Third-quarter revenue in the company’s staffing segment rose 8.9%. The company reported the Japanese staffing market continued to expand and reported that third-quarter revenue from overseas staffing operations rose 7.1% to ¥205.6 billion (US$1.82 billion). However, overseas staffing revenue fell 1.2% excluding the impact of currency.

“The decrease was primarily due to its operating focus on profitability based on the unit management system,” according to the company. “In addition, the overseas operations experienced a decrease in transactions with existing clients who limited their spending due to the challenging business environment in some industries in the United States.”

Overseas operations include Advantage Resourcing America Inc., Staffmark, The CSI Companies and Atterro in North America. European operations include USG People, and Australian operations include Chandler Macleod.

Recruit also has publishing businesses in its “Media & Solutions” segment.

Guidance

Revenue for the full year, which will end March 31, is forecast to rise 11.5%, representing an upward revision.

Share price and market cap

Shares in Recruit Holdings closed down 1.42% at ¥2,388.0. The company had a market cap of ¥4.05 trillion (US$35.95 billion).