Upwork revenue up, and more news of the job board industry

Upwork revenue upWhat a sur­prise – Upwork rev­enue up, Fiverr rev­enue up, and Indeed and rev­enue down. Notice any­thing there, such as free­lancer seem to be doing bet­ter than their tra­di­tion­al job coun­ter­parts? Of course there are oth­er ups and downs in this indus­try roundup, so let’s take a look:

  • New jobs scraper launch­es: Kadoa Jobs, an AI-auto­mat­ed job post­ing scraper, launched recent­ly. The prod­uct claims an 99% suc­cess rate in accu­rate­ly scrap­ing and gen­er­at­ing job data feeds from com­pa­ny career sites. Kadoa also says that its data extrac­tion tech­nol­o­gy is designed to be self-heal­ing. It adapts to changes in web­site code, ensur­ing con­tin­u­ous and seam­less data scrap­ing with­out any man­u­al inter­ven­tion. Con­grats!
  • Remote decides to roll out a job board: Remote, the HR com­pa­ny that allows com­pa­nies to hire, man­age and pay remote work­ers, is launch­ing a remote job mar­ket­place called Remote Tal­ent. The job board is inte­grat­ed with its glob­al HR plat­form, mean­ing that com­pa­nies can onboard, man­age and pay their new hires through Remote. But the job board does­n’t have its own rev­enue goals, accord­ing to Remote’s CEO. Not all job offers on Remote Tal­ent have to be remote, but the com­pa­ny hopes to add val­ue by remov­ing the usu­al ambi­gu­i­ties of tra­di­tion­al job boards when it comes to flex­i­ble work and dis­trib­uted teams. Bet­ter late than nev­er!
  • Earn­Bet­ter rais­es funds: CA-based recruit­ment tech­nol­o­gy com­pa­ny Earn­Bet­ter has suc­cess­ful­ly raised $4.5 mil­lion in a seed fund­ing round led by Andreessen Horowitz and Abstract Ven­tures. It has also launched its free AI job search . Earn­Bet­ter’s plat­form uses gen­er­a­tive AI to quick­ly refor­mat and rewrite resumes, draft cov­er let­ters and scan mil­lions of jobs to offer per­son­al­ized match­es to job seek­ers. The new funds will be used to con­tin­ue build­ing out AI prod­ucts to sup­port job seek­ers and recruit more staff. AI!
  • Fiverr rev­enue ris­es: Fiverr report­ed rev­enue growth of 12.1% for the third quar­ter of 2023 end­ed 30 Sep­tem­ber 2023. Rev­enue totalled $92.5 mil­lion com­pared to $82.5 mil­lion the year pri­or. Adjust­ed EBITDA in the third quar­ter of 2023 was $16.5 mil­lion, com­pared to $6.6 mil­lion in the third quar­ter of 2022. Adjust­ed EBITDA mar­gin was 17.9% in the third quar­ter of 2023, com­pared to 7.9% in the third quar­ter of 2022. Inter­est­ing.
  • X adds job post­ings: X, for­mer­ly known as Twit­ter, announced that its job search func­tion is avail­able to all users after pre­vi­ous­ly launch­ing in beta last August. The fea­ture, known as X Hir­ing, launched as a fea­ture avail­able only to ver­i­fied orga­ni­za­tions on X. At the time, own­er Elon Musk posi­tioned the plat­form as a direct com­peti­tor to Microsoft sub­sidiary LinkedIn. The com­pa­ny also said that a mobile-friend­ly ver­sion of X Hir­ing is forth­com­ing for iOS and Android oper­at­ing sys­tems but did not pro­vide a . Hmm.
  • Indeed and Glass­door rev­enue declines: Rev­enue fell at Indeed and Glass­door amid uncer­tain eco­nom­ic con­di­tions, and the new pric­ing mod­el at Indeed helped push down paid job ads, accord­ing to their own­er, Recruit Hold­ings Co. Ltd. Indeed’s paid job ads fell 50% year over year. US dol­lar-based rev­enue in HR Tech­nol­o­gy fell 18.2% year over year to $1.77 bil­lion in the com­pa­ny’s sec­ond quar­ter end­ed Sept. 30. The decrease was 19.1% on a con­stant cur­ren­cy basis. Total job open­ings on Indeed in the US were down approx­i­mate­ly 16% year over year, while paid jobs fell 50%, the com­pa­ny report­ed. The good news? Staffing rev­enue went up. Win some, lose some, I guess.
  • Head­Hunter rev­enue is up: Head­Hunter, the Moscow-based job board, report­ed rev­enue of RUB 8.36 bil­lion (USD 93.8 mil­lion) for the third quar­ter end­ed 30 Sep­tem­ber 2023, an increase of 76.4% com­pared to the pre­vi­ous year. The rev­enue increase was pri­mar­i­ly due to demand for can­di­dates dri­ving up the num­ber of pay­ing cus­tomers and the aver­age con­sump­tion, as well as its mon­eti­sa­tion improve­ments and low base effect. In the Key Accounts cus­tomer seg­ment, rev­enue increased by 72.5%, most­ly by ARPC (aver­age rev­enue per cus­tomer) growth, as well as an increase in the num­ber of pay­ing cus­tomers. Impres­sive.
  • ZipRecruiter rev­enue down: ZipRecruiter report­ed a hir­ing slow­down across most sec­tors as eco­nom­ic uncer­tain­ty made employ­ers reluc­tant to fill some jobs. Third-quar­ter rev­enue at the jobs web­site oper­a­tor fell 31.4% to $155.6 mil­lion. The num­ber of quar­ter­ly paid employ­ers fell, though rev­enue per paid employ­er rose. ZipRecruiter had 89,668 quar­ter­ly paid employ­ers in the quar­ter, down 34% year over year. Rev­enue per paid employ­er rose 4% to $1,736. Hmm.
  • Reed dips toe into AI waters: U.K.-based Reed has launched an AI-pow­ered inter­view gen­er­a­tor tool to help recruiters select which ques­tions to ask. The free tool uses an algo­rithm based on bespoke cri­te­ria to iden­ti­fy ques­tions for any role in any sec­tor for any lev­el to meet the skills require­ment of an orga­ni­za­tion and that are tai­lored to the require­ments of the role and the orga­ni­za­tion. The tool high­lights the three most sought-after soft skills and also saves time for recruiters hav­ing to research and decide upon the best ques­tions them­selves. Sounds promis­ing!
  • Upwork rev­enue up: Upwork report­ed third-quar­ter rev­enue rose 10.8% year over year, beat­ing guid­ance. Rev­enue is now set to rise to between $680 mil­lion and $685 mil­lion — an increase of 10% at the mid­point. The com­pa­ny pre­vi­ous­ly fore­cast full-year rev­enue of between $665 mil­lion and $675 mil­lion, an increase of 8% at the mid­point. For the fourth quar­ter, Upwork fore­cast rev­enue of between $175 mil­lion and $180 mil­lion, also an increase of 10% at the mid­point. Impres­sive.
  • InfoEdge rev­enue up, too: Info Edge India, the Indi­an job board, report­ed unau­dit­ed con­sol­i­dat­ed results today with rev­enue from oper­a­tions for the sec­ond-quar­ter end­ed 30 Sep­tem­ber 2023 of INR 6.26 bil­lion (USD 75.1 mil­lion), up 3.6% com­pared to the same peri­od last year. Recruit­ment Solu­tions saw an uptick in rev­enue of 7.4% over the pre­vi­ous year. Recruit­ment solu­tions com­pris­es pri­mar­i­ly of Naukri.com, oth­er recruit­ment relat­ed por­tals and ancil­lary ser­vices relat­ed to recruit­ment. Con­grats!
  • New­Work sees a slow­down: Rev­enue at Ger­many-based New Work SE, the par­ent com­pa­ny of job net­work Xing and employ­er rat­ing por­tal Kununu, fell by 3.8% year on year (y‑o-y) to €75.7 mil­lion ($80.8 mil­lion U.S.) in the three months to Sep­tem­ber 2023. EBITDA held up bet­ter, falling by just 0.1% y‑o-y to €26.7 mil­lion ($28.6 mil­lion) in Q3 2023. As a result, EBITDA mar­gin rose from 34% in Q3 2022 to 35% in Q3 2023. Xing reached 22 mil­lion at the end of Q3 2023, up 700,000 y‑o-y. Mean­while, employ­er review site Kununu grew to 9.8 mil­lion mem­bers and 5.4 mil­lion reviews. Kin­da mixed bag.
  • Beam­ery chops work force:  Lon­don-based hrtech start­up Beam­ery is to shed 25 per­cent of its work­force. Accord­ing to LinkedIn, 421 indi­vid­u­als list Beam­ery as their work­place, mean­ing 105 tal­ents will soon be avail­able for hire. In Jan­u­ary of this year, Beam­ery let 12 per­cent of its staff go. Just one month pri­or, the com­pa­ny had announced a $50 mil­lion Series D fund­ing round at a val­u­a­tion north of $1 bil­lion. Hmm.
  • Jobindex rev­enue slides: Dan­ish job board Jobindex report­ed low­er third-quar­ter rev­enue of DKK 89.3 mil­lion (€11.9 mil­lion), a fall of 10.5% com­pared with the same quar­ter in the pre­vi­ous year.  Their adver­tis­ing prod­ucts reached a turnover of DKK 70 mil­lion (€9.4 mil­lion) against DKK 81 mil­lion (€10.8 mil­lion) in the same peri­od last year. On July 2023 Jobindex announced that it com­plet­ed the delist­ing of its shares from the Nas­daq First North Growth Mar­ket Den­mark. The last trad­ing day for the com­pa­ny was 30 June after 16 years.  Hmm.

I’m sure you noticed the AI men­tions as well – it seems like they increase with each roundup. I will be curi­ous to see when they start hav­ing a direct effect on the indus­try’s bot­tom line. In the mean­time, see you soon!

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