51job Shares Plunge 12% on First-Quarter Results
The HR company reported lower-than-expected revenue, sending its shares down more than 12 percent Friday.
Shanghai-based human resources firm 51job Inc. (Nasdaq: JOBS) saw its stock plunge 12 percent Friday, to $74.07 per American depositary share, on lower-than-expected revenue results in the first quarter of 2019.
The company said Thursday after markets closed that its revenue for the three months through March reached $135.9 million, up 12.4 percent year-over-year. Revenue from online recruitment services was $91.4 million, with an increase of 11.9 percent year-over-year. Increase attributed to higher revenue per unique employer, which was partially offset by a decrease in the number of unique employers utilizing the online services.
Net loss in the quarter decreased to $12.6 million, or 21 cents per share, compared with a loss of $48.8 million a year ago.
Rick Yan, president and chief executive officer of 51job, said, "Amid economic uncertainty, we saw a slower start to 2019 as employers exercised more caution with their recruitment plans and activities. "
Source: 51job Inc.
Yan also said, "We will stay focused on our high quality growth strategy, maintain financial discipline by balancing investments and returns, and continue to expand 51job's footprint in the HR services industry in China."