Chinese recruitment platform Kanzhun Limited (Nasdaq: BZ), whose core product is job board Boss Zhipin, yesterday reported its unaudited financial results for the first quarter ended 31 March 2023.

Revenue for the first quarter of 2023 totalled RMB 1.27 billion (USD 180.7 million), an increase of 12.3% when compared to the same quarter of 2022.

The group saw revenue increase in both online recruitment services to enterprise customers and other services, which mainly comprise paid value-added services offered to job seekers.

Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, commented, “We are pleased to deliver a strong quarter with revenue growth starting to re-accelerate, driven by robust user growth and a rebound of recruitment demand post-spring festival. Our MAU (monthly active users), revenues, calculated cash billings and multiple other key metrics hit record highs in the quarter. We are confident to maintain this growth momentum and continue delivering solid results in the coming quarters.”

Adjusted net income for the first quarter of 2023 was RMB 245.0 million (USD 34.6 million), an increase of 102.3% from RMB 121.1 million (USD 17.1 million) for the same quarter of 2022.

Calculated cash billings for the first quarter of 2023 were RMB 1,64 billion (USD 232.0 million), an increase of 27.7% from RMB 1.29 billion (USD 182.5 million) for the same quarter of 2022.

Average monthly active users for the first quarter of 2023 were 39.7 million, an increase of 57.5% from 25.2 million for the same quarter of 2022. Monthly active users refer to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our mobile application in a given month at least once.

Total paid enterprise customers in the twelve months ended 31 March 2023 were 4.0 million, on par with that in the twelve months ended 31 March 2022. Paid enterprise customers are defined as enterprise users and company accounts from which the group recognise revenues for its online recruitment services.

Looking ahead, for the second quarter of 2023, the company currently expects its total revenues to be between RMB 1.43 billion and RMB 1.46 billion (USD 202.3 million and 206.5 million), representing a year-on-year increase of 28.6% to 31.3%.

Kanzhun shares closed yesterday at USD 69.90, no change on the day and 4.33% above its 52-week low of USD 67.00, set on 17 March 2023. The company has a market cap of USD 6.66 billion.