Shares of ZipRecruiter (ZIP) - Get ZipRecruiter, Inc. Class A Report fell on Friday after the online employment marketplace reported a wider-than-expected second-quarter loss on a doubling of revenue.
The Santa Monica, Calif., company swung to a net loss of 55 cents a share from a year-earlier profit of 18 cents a share. Revenue reached $183 million from $87.7 million.
Analysts surveyed by FactSet were expecting ZipRecruiter to report a net loss of 20 cents a share on revenue of $160.2 million.
"We are seeing high levels of activity on both sides of our marketplace," Chief Executive Ian Siegel said in a statement.
Shares of ZipRecruiter at last check were down 3.9% to $27.90. They began trading publicly in June.
The company raised its full-year revenue guidance.
ZipRecruiter now expects full year revenue between $651 million and $665 million, up from its previous view between $580 million and $600 million.
Analysts are expecting full year revenue of $668.5 million, according to FactSet.
Revenue for the third quarter is expected at $182 million to $188 million. Analysts are expecting $188.3 million.
The company reported a more than doubling (120% increase) in the number of employers who pay to use the company's platform. The average employer paid $1,081 on the site, a 5% increase from a year earlier.
In June, shortly after the stock made its public debut, Evercore ISI analyst Mark Mahaney initiated coverage of ZipRecruiter with an outperform rating and a $31 share price target.