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ZipRecruiter Sees Massive Drop in Fourth-Quarter Revenue

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Jobs giant ZipRecruiter has been hit by "one of the most sluggish hiring periods in recent history" which has resulted in a big fourth-quarter revenue drop.

The job listing website saw its fourth-quarter revenue decrease by 35.4 percent to $135.92 million.

In a letter to its shareholders, the Santa Monica, California-based firm expressed cautious optimism regarding the U.S. economy's prospects for avoiding a recession in 2024, aiming for a "soft landing."

It said: "Although many macroeconomic forecasts are optimistic about the US economy managing a ‘soft landing’ without a recession in 2024, we remain nimble and prepared to adapt to a wide range of economic scenarios.

“Our ability to adapt quickly amidst uncertainty is built upon our strong financial foundation, defined by both a historical track record of profitability and a healthy balance sheet.”

The company has also cut jobs, seeing a 35 percent drop in the number of paid employers, which was 70,700 at the end of the fourth-quarter.

There was also a slight drop in revenue per paid employer, dropping to $1,922.

Despite these challenges, ZipRecruiter pointed out employer spending trends over time remained consistent.

It did admit the the tough hiring climate of 2023 did slow the growth rate of average monthly revenue per paid employer from previous cohorts.

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The company views these disruptions as temporary, attributing them to the unique hiring slowdown, especially among larger companies.

ZipRecruiter remains optimistic

ZipRecruiter remains optimistic about its long-term potential to increase revenue from these larger clients.

Looking ahead, ZipRecruiter acknowledged the ongoing uncertainty in the macroeconomic environment but noted a more positive outlook among economists for a return to a more stable economic situation.

The company is preparing for various scenarios in 2024, with first-quarter revenue expected to be around $120 million, indicating a 35% year-over-year decline at the midpoint.

Regarding its stock performance, ZipRecruiter's shares fell 7.47 percent to $12.76 by midday Eastern time, marking a 24.25% increase from their 52-week low, as reported by

Here’s who’s firing in January 2024

  1. Xerox To Cut Workforce By 15 Percent
  2. Alibaba Subsidiary Lazada Lays Off Employees In Southeast Asia
  3. Unity Software Cuts 1,600 Jobs In Latest Tech Layoffs
  4. Barclays Confirms 5,000 Global Job Cuts 
  5. Cybersecurity Giant Trend Micro Cuts 150 Staff
  6. Google Announces Hundreds Of Layoffs As It Focuses On AI
  7. Duolingo Lays Off Workers As It Relies On AI For Lesson Creation
  8. Discord Axes 170 Jobs After Massive Hiring Spree
  9. Citigroup To Cut 20,000 Jobs
  10. Amazon Slashes Five Percent Of Jobs In Audible Division
  11. YouTube Announces 100 Layoffs 
  12. Macy’s To Slash Over 2,300 Corporate And Store Roles
  13. Wayfair Cuts 1,650 Global Staff In Restructuring
  14. Tencent’s Riot Games Lays Off 530 Employees
  15. EBay To Cut 1,000 Full-Time Employees
  16. SAP To Offer Buyouts And Job Changes For 8,000 Employees
  17. Los Angeles Times To Lay Off Roughly 115 Newsroom Staff
  18. TikTok Cuts 60 Jobs In Sales And Advertising
  19. Flexport To Cut 500 Jobs As Shipping Demand Slows
  20. Microsoft To Cut 1,900 Jobs In Gaming Division
  21. Levi Strauss To Cut Corporate Workforce By 15 Percent
  22. John Lewis To Cut Up To 11,000 Jobs Over Five Years 
  23. Lloyds To Cut Another 1,600 Jobs
  24. Channel 4 Plans To Cut 250 Jobs
  25. Paramount Chief Announces Layoffs Amid Cost-Cutting Measures
  26. Business Insider Axes 8 Percent Of Staff
  27. IRobot Cuts 31 Percent Staff After Amazon Merger Collapses
  28. UPS Announces 12,000 Job Cuts In A Drive For Profitability
  29. PayPal To Cut 2,500 More Jobs In Latest Tech Layoffs
  30. Sky Confirms 1,000 Job Losses As Customer Preferences Shift

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