ZipRecruiter Inc. (NYSE: ZIP) reported a 31.1% year-over-year increase in second-quarter revenue; the increase exceeded guidance. Growth took place across industries and geographies, according to the company. Still, the online job ad aggregator warned employers are slowing their hiring, and ZipRecruiter lowered revenue guidance for the year.

The Santa Monica, California-based firm noted that employers pulled back on job postings during the final week of June. Companies appear to be responding to supply chain disruptions, inflation, rising interest rates and macroeconomic uncertainty, it said.

“While the quarter in total was strong, in June we began to see signs of a cooling hiring environment,” ZipRecruiter CEO Ian Siegel said. “In response to softening demand, we are lowering our 2022 revenue outlook, which at the midpoint would demonstrate growth of 20% over 2021.”

Still, ZipRecruiter is raising its full-year 2022 adjusted EBITDA guidance to 19% margin at the midpoint. The company cited the strength of its business model and disciplined investment approach.

ZipRecruiter also announced Emilie Choi resigned from its board.

Guidance

ZipRecruiter forecast third-quarter revenue growth of between 2% and 5% year over year and full-year revenue growth of 19% to 21%.

Share price and market cap

Shares in ZipRecruiter were down 7.44% to $19.41 as of 11:23 a.m. Eastern time; they were 40.86% above their 52-week low, according to FT.com. The company had a market cap of $2.37 billion.