ZIP - Why ZipRecruiter Is Falling Hard Today
Shares of ZipRecruiter (NYSE: ZIP) are plunging 19.4% at 11:01 a.m. ET Wednesday. The online hiring platform reported fourth-quarter earnings after the market's close yesterday and indicated a "continued softening in the hiring environment" would cause full-year 2023 revenue to plunge 23% to $179 million at the midpoint of its guidance.
ZipRecruiter said employers are engaged in wholesale firing of employees or otherwise reducing their recruiting budgets, meaning this would be a particularly challenging period for the job search site.
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Why ZipRecruiter Is Falling Hard Today