Chinese recruitment platform Kanzhun Limited, whose core product is job board Boss Zhipin, reported its unaudited financial results for the second quarter ended 30 June 2021.

Total revenue for the quarter stood at RMB 1.16 billion (USD 180.2 million), an increase of 173.9% from RMB 426.5 million (USD 65.8 million) for the same quarter of 2020. The increase was primarily due to the growth of revenues from online recruitment services.

Revenue from online recruitment services stood at RMB 1.15 billion (USD 178.5 million) in the second quarter of 2021, representing an increase of 174.7% from RMB 421.5 million (USD 65.0 million) for the same period in 2020. The increase was mainly due to rapid growth in the group’s paid enterprise customer numbers following the expansion of the user base and continued investment in enhancing the company’s service capabilities.

Revenue from other services, mainly comprised of paid value-added services offered to job seekers, stood at RMB 10.4 million (USD 1.6 million) in the second quarter of 2021. This represents an increase of 108.0% from RMB 5.0 million (USD 0.7 million) for the same period in 2020, benefiting from the group’s continued overall growth in user base.

Net loss for the quarter was RMB 1.41 billion (USD 218.2 million), compared to RMB 167.4 million (USD 25.8 million) for the same quarter of 2020 and RMB 176.2 million (USD 27.2 million) for the first quarter of 2021. The increased net loss was mainly due to one-time share-based compensation expenses recorded in the quarter.

Adjusted net income for the quarter turned positive to RMB 246.5 million (USD 38.0 million), compared to an adjusted net loss of RMB 143.4 million (USD 22.1 million) for the same quarter last year.

On 11 June 2021, the company completed its initial public offering.

“We are pleased to report strong results for our first quarter as a public company, with robust and quality growth demonstrating our effective ‘direct-recruitment’ model,” Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, said. “The successful completion of initial public offering in June is just the start of a long journey, and we treasure this opportunity to shoulder greater responsibility of delivering equal and efficient services to more job seekers and enterprise users. With user satisfaction and platform security as our top priorities, we strive to fulfil our mission of improving the efficiency of connecting talents and jobs through the power of technology.”

On 5 July 2021, the company announced it was subject to cybersecurity review by the Cyberspace Administration of China. As a result, the “Boss Zhipin” app has been required to suspend new user registration in China. The process is still ongoing, and the company said it is fully cooperating with the regulator regarding its review.

Phil Yu Zhang, CFO, said, “We remain focusing on our users and revenue growth while also improving the operating efficiency through greater leverage and effective marketing initiatives. With our strong cash flow, we are committed to making further investment in R&D, and continuing to increase brand recognition and user coverage for our long-term sustainable growth.”

Looking ahead, for the third quarter of 2021, the company currently expects its total revenues to be between RMB 1.18 billion (USD 182.1 million) and RMB 1.21 billion (USD 186.7 million), representing a year-on-year increase of 100.0% to 105.1%.

Shares in Kanzhun closed at $34.01, down 1.56% on the day and 21.90% above the 52 week low of $27.90 set on 27 July 2021. The company has a market cap of $13.60 billion.