Kanzhun Limited (Nasdaq: BZ), whose core product is Chinese job board Boss Zhipin, on Friday reported its unaudited financial results for the second quarter ended 30 June 2022. Revenue fell 4.8% to RMB 1.11 billion (USD 162.4 million).

The group reported a return to net profit of RMB 107.3 million (USD 15.6 million), compared to a net loss last year of RMB 1.41 billion (USD 205.9 million).

Average monthly active users for the second quarter of 2022 were 26.5 million, a decrease of 12.8% from 30.4 million for the same quarter of 2021.

Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, said, “We delivered solid results in the quarter despite the challenging business environment and soft macro conditions. Our business model demonstrated its effectiveness and resilience with stable user scale and engagement. Our dedicated efforts in the past year drove sustainable capability enhancement across the full spectrum of our business. Coupled with the opening of new user registration in late June, we are looking forward to reaccelerating our business growth.”

Phil Yu Zhang, Chief Financial Officer, added, “In the second quarter, our top-line performance beat our guidance range and we achieved solid profitability. Given adverse pandemic-related challenges, our total revenues in the quarter decreased slightly by 4.8% year over year. We believe our resilient business model and enhanced operational efficiency will continue to drive our sustainable and healthy growth amidst the challenging external environment.”

Revenue by segment

Revenue from online recruitment services to enterprise customers fell 5.0% compared to the same period in 2021. The decrease was mainly due to the impact of the Covid-19 outbreak in several major cities, which adversely affected recruitment needs in the quarter.

Revenue from other services, which mainly comprise paid value-added services offered to job seekers, jumped 20.2% compared to the same period in 2021, benefiting from the group’s continued overall growth in user base.

For the third quarter of 2022, the company currently expects its total revenues to be between RMB 1.14 billion (USD 166.4 million) and RMB 1.16 billion (USD 169.4 million), representing a year-on-year decrease of 5.9% to 4.3%.

This forecast considers the impact of the Covid-19 resurgence in certain cities which adversely affected recruitment needs, as well as reflects the company’s current views on the market and operational conditions in China, which the group said are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Kanzhun published its results today but the company’s shares last traded yesterday. The company has a market cap of USD 9.64 billion.