ZIP - Why ZipRecruiter Stock Was Down on Wednesday
2023-08-09 15:17:00 ET
ZipRecruiter (NYSE: ZIP) shareholders were seeing red on Wednesday. Shares of the online employment marketplace were down 11% by 3 p.m. ET compared to a flat S&P 500 . The slump contributed to a volatile year so far for investors. ZipRecruiter has been up by as much as 40% in 2023 but is now down 5% on the year. The S&P 500 is up 17% in contrast.
Wednesday's slump was sparked by an earnings report that showed mounting stress on its business.
ZipRecruiter said before the market opened that sales in the second-quarter selling period (through late June) were down 29% to $170 million. This drop occurred mainly due to a sharp shift in the industry that has reduced demand for job postings. "The number of job openings and employers' willingness to pay for those job openings has declined significantly from the peaks of prior years," CEO Ian Siegel said in a press release.
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Why ZipRecruiter Stock Was Down on Wednesday