Why Kanzhun Shares Rocketed Higher Today
Shares of Chinese online recruitment platform Kanzhun (NASDAQ: BZ) rose today, and were up 9.4% as of 1:30 p.m. ET.
Kanzhun reported its first-quarter earnings today, and logged a nice beat on revenue and earnings per American depositary receipt (ADR). Given China's recent economic troubles and widespread lockdowns under its zero-COVID policy, one might have thought the recruitment platform would face headwinds. But there was apparently enough hiring, much of it likely done online, for Kanzhun to report very strong revenue growth.
In the first quarter, Kanzhun reported revenue growth of 44.3% to $179.5 million, and a net loss of just $1.9 million, a significant improvement over the prior year's $27.4 million net loss. In the release, CEO Jonathan Peng Zhao said:
Source Fool.com
