Kanzhun Limited (Nasdaq: BZ), whose core product is Chinese job board Boss Zhipin, yesterday reported its unaudited financial results for the second quarter ended 30 June 2022. Revenue increased by 33.7% to RMB 1.48 billion (USD 204.1 million).

Net income for the second quarter of 2023 was RMB 309.6 million (USD 42.4 million), an increase of 234.7% from RMB 92.5 million (USD 12.7 million) for the same quarter of 2022. Adjusted net income for the second quarter of 2023 was RMB 568.5 million (USD 77.9 million), an increase of 134.6% from RMB 242.3 million (USD 33.2 million) for the same quarter of 2022.

Jonathan Peng Zhao, Founder, chairman and CEO of the company, said, “We are delighted to deliver a strong set of results for the second quarter of 2023. Our monthly active users continued to experience robust growth and hit another historical high this quarter, with ongoing expansion among blue-collar users and in second-tier and lower-tier cities.”

“This growth is a testament to our dedication to iterating our products and algorithms to enhance our service capabilities, as we strive to serve users from a broad swath of industries and locations. Our ability to meet diverse user groups’ needs and our flexible monetisation model enabled us to capture rising recovery opportunities among blue-collar workers and small and medium-sized enterprises this year, driving our sustainable growth despite a challenging macro environment,” Zhao said.

Phil Yu Zhang, CFO, added, “Driven by our robust user growth and healthy user engagement, our revenues for the second quarter of 2023 increased by 33.7% year-on-year. We also recorded RMB 309.6 million (USD 42.4 million) in our net income and RMB 568.5 million (USD 78.0 million) in adjusted net income for the second quarter of 2023, the highest in our company’s operational history. The solid results for the quarter once again testified to the effectiveness and resilience of our business model. Moving forward, we are confident in our ability to maintain sustainable quality growth momentum with further improvements in operating efficiency.”

Income from operations was RMB 175.0 million (USD 24.0 million) for the second quarter of 2023, representing an increase of 129.4% from RMB 76.3 million (USD 10.5 million) for the same period of 2022.

Total operating cost and expenses were RMB 1.3 billion (USD 178.3 million) for the second quarter of 2023, representing an increase of 25.8% from the same period a year ago.

Cost of revenue was RMB 270.3 million (USD 37.1 million) for the second quarter of 2023, representing an increase of 55.2% from RMB 174.2 million (USD 23.9 million) for the same period of 2022, primarily due to increases in server and bandwidth cost as well as payment processing cost.

Revenue by segment

Revenue from online recruitment services to enterprise customers increased by 33.7% from the same period in 2022. This increase was mainly driven by user growth and increased user engagement.

Revenue from other services, which mainly comprise paid value-added services offered to job seekers, stood at RMB 16.8 million (USD 2.3 million) for the second quarter of 2023, representing an increase of 34.4% from the same period in 2022, mainly benefiting from an expanded user base.

For the third quarter of 2023, the company currently expects its total revenues to be between RMB 1.53 billion (USD 209.9 million) and RMB 1.56 billion (USD 214.0 million), representing a year-on-year increase of between 30% to 32%.

Kanzhun shares closed yesterday at USD 14.87, up 2.8% on the day. The company has a market cap of USD 6.46 billion.