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.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Plug Power stock sinks after earnings as losses widenShares of Plug Power Inc. were falling nearly 9% in premarket trading Tuesday after the fuel-cell company showed off a larger quarterly loss than analysts...
Fuente: MarketWatch - 🏆 3. / 97 Leer más »

H&R Block stock sinks as earnings show tax season didn't 'return to normal'Shares of H&R Block Inc. were declining 8% in after-hours trading Tuesday after the tax-preparation company cut its outlook for its fiscal year.
Fuente: MarketWatch - 🏆 3. / 97 Leer más »

Tesla stock resumes rally, as Rivian’s results and broader stock market rally provide supportShares of Tesla Inc. rallied 3.0% toward a three-week high in morning trading Wednesday, as better-than-expected results from fellow electric vehicle maker...
Fuente: MarketWatch - 🏆 3. / 97 Leer más »

Small business optimism sinks in April to lowest level in a decadeSmall business optimism fell in April to the lowest level in a decade amid fears over high inflation, an ongoing worker shortage and a possible recession.
Fuente: FoxBusiness - 🏆 458. / 53 Leer más »