BZ - Why Kanzhun Ltd Stock Popped Today

2024-03-12 20:09:49 ET

Shares of Kanzhun (NASDAQ: BZ) soared 18.8% on Tuesday after the Chinese online recruitment platform announced stronger-than-expected quarterly results and a new share repurchase program.

Kanzhun's fourth-quarter 2023 revenue grew 46% year over year to 1,58 billion yuan (or $222.6 million U.S. dollars), translating to non-GAAP (adjusted) net income of 628.6 million yuan (USD $88.5 million USD), or 1.39 yuan (USD $0.20) per American depositary share (ADS). Most analysts, on average, were only expecting earnings of 1.18 yuan per share on revenue closer to 1.54 billion yuan.

Founding Chairman and CEO Mr. Jonathan Peng Zhao credited their outperformance to strong user growth, with particular strength in blue-collar industries, lower-tier cities, and small and medium-sized companies.

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