Kanzhun's Q2 2024 Earnings: Strong Growth Amid Market Hiccups
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Kanzhun, the job platform behind Boss Zhipin, reported robust Q2 2024 earnings, with cash billings up 20% YOY to 1.95B RMB, revenue surging 29% to 1.92B RMB, and net profit at 420M RMB. Monthly active users on the app soared 25% to 54.6M, with 28M new verified users in H1. Despite weaker QoQ billings due to job seeker-hiring company imbalance, paid enterprise customers grew 31% to 5.9M, and average monthly active enterprises jumped 17%. Blue-collar sectors like manufacturing and logistics, particularly smaller firms in lower-tier cities, showed strength. Investors were buoyed by the companys long-term prospects, Chinas small business scene, labor shortages, and efficient matching model. Gross margins hit 83.5%, adjusted operating margins reached a record 34.4%, and share repurchases totaled 88M USD. Q3 revenue guidance is 1.9-1.92B RMB, up 18.2-19.5%. Kanzhun aims for full-year adjusted operating profit of 2.3B RMB, targeting 40-45M user adds.
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