ZipRecruiter stock sinks as job market keeps getting worse

Shares of ZipRecruiter Inc. took a hit Wednesday after the online hiring platform said demand for jobs has weakened even more than previous projections, with the weakness now spreading to larger businesses.

The company also withdrew its full-year revenue guidance, given the “evolving and uncertain” economic environment. While the company reported first-quarter revenue that beat expectations, by falling just 19%, demand trends softened even more in recent weeks, with April revenue down 27% from last year. And the weakness is spreading.

The company said it expects revenue for the quarter to June of $167 million to $173 million, down 30% to down 28% from a year ago. That compares with the FactSet consensus as of the end of April of $189.3 million. The consensus declined to $172.7 million after the guidance was given. Kforce Inc. KFRC said earlier this week that, after seeing an elongated sales cycle in the fourth quarter due to macroeconomic uncertainty, it would typically see a gradual increase in consultants on assignment through the first quarter, “but that was not the case this year.”

For the first quarter, ZipRecruiter reported late Tuesday net income that fell to $5.01 million, or 5 cents a share, from $8.4 million, or 7 cents a share, in the same period a year ago. Revenue was down 19.1% to $183.8 million, above the FactSet consensus of $179.7 million.

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