Why ZipRecruiter Stock Jumped 14% Today
ZipRecruiter (NYSE: ZIP) stock jumped on Thursday, rising 14% by 11 p.m. EST. The employee recruitment specialist trounced expectations for third-quarter sales growth while projecting a strong finish to the year.
Revenue came in at $213 million for the selling period that ended in late September, the company said in its earnings update. That spike marked an over 100% increase, year over year, and sailed past management's prior forecast. CEO Ian Siegel and his team had predicted in mid-August that sales would instead land between $182 million and $188 million.
The outperformance meant ZipRecruiter maintained its triple-digit growth pace rather than seeing a slow down to gains of roughly 80%. "The third quarter of 2021 was another exceptionally strong quarter for ZipRecruiter," management said in a shareholder letter.
Source Fool.com
