Shares of Kanzhun Limited (BZ), a leading online recruitment platform in China, tumbled 5.03% in pre-market trading on Thursday following the release of its first-quarter financial results and second-quarter guidance.
While Kanzhun reported Q1 revenues of 1.92 billion Chinese Renminbi, in line with analyst estimates, the company's Q2 revenue guidance disappointed investors. Kanzhun expects Q2 total revenue to be in the range of 2.05 billion to 2.08 billion Chinese Renminbi, falling short of the FactSet consensus estimate of 2.11 billion Renminbi.
Despite the revenue guidance miss, Kanzhun did show some positive results in its Q1 report. The company's total paid enterprise customers grew 12.3% year-over-year to 6.4 million, while average monthly active users increased by 23.6% to 57.6 million. Additionally, Kanzhun reported a significant improvement in profitability, with adjusted income from operations rising 76.1% to 691.5 million Renminbi. However, these positives were overshadowed by the weaker-than-expected Q2 outlook, leading to the pre-market sell-off.
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