Revenue at ZipRecruiter Inc. (NYSE: ZIP) fell 19.1% in the first quarter to $183.7 million. The Santa Monica, California-based jobs website operator reported a slowdown in job postings but also noted first-quarter revenue was above guidance of between $176 million and $182 million.

“The first quarter demonstrates ZipRecruiter’s resilience amidst a challenging industry backdrop,” CEO Ian Siegel said. “Despite experiencing an anticipated revenue decline, we were able to generate $35 million of adjusted EBITDA, above our expectations.”

Siegel also said the company has seen online job postings soften further as the macroeconomic environment remains uncertain, though the company still projects full-year adjusted EBITDA of $185 million. With adjusted EBITDA, stock-based compensation expenses are eliminated.

In addition, ZipRecruiter reported it continued to see demand for recruiting services fall in the second quarter, with job postings decreasing across industries and companies. The decline comes during the time of year that historically has been the hiring season, according to the company.

To combat the slowdown, ZipRecruiter has reduced marketing, cut back on a variety of discretionary expenses and slowed its hiring with the exception of high-impact engineering roles.

Guidance

ZipRecruiter forecast revenue of between $167 million and $173 million in the second quarter, a 29% year-over-year decline at the midpoint. The company is not providing annual guidance.

“We will continue to take advantage of opportunities to win the business of new employers and deepen our relationships with existing employers but recognize the direct impact further macroeconomic fluctuations beyond our control will have on our topline performance,” according to a letter to shareholders.

Share price and market cap

Shares in ZipRecruiter were down 2.08% to $16.74 as of 12:54 p.m. Eastern time today; they were 22.33% above their 52-week low, according to FT.com. The company had a market cap of $1.75 billion.