Q3 Sales 9 Billion KRW, Operating Profit 2.5 Billion KRW??? Cumulative Sales 2.5x YoY
Hiring Matching Market Activation??? Wanted New Inflows, Job Posts, and Acceptances Increase
Wanted Geeks and Wanted Plus New Business Sales Growth
[Asia Economy Reporter Hyungsoo Park] WantedLab, an AI-based career platform company, announced on the 27th that it recorded sales of 9 billion KRW and operating profit of 2.5 billion KRW in the third quarter of this year.
Third-quarter sales increased 2.3 times compared to the same period last year and grew 16% compared to the second quarter of this year. Operating profit rose 29% compared to the previous quarter, achieving an operating profit margin of 28%. Pre-tax profit and net income also recorded similar figures of 2.5 billion KRW, in line with operating profit.
WantedLab has recorded an average monthly sales growth rate of 8% up to the third quarter of this year. It is expected to continue solid growth in the fourth quarter as well. Cumulative sales up to the third quarter reached 22.5 billion KRW, and cumulative operating profit was 4.9 billion KRW, exceeding the estimates at the time of listing.
WantedLab's AI-based recruitment business led the improvement in performance. Sales in this segment for the third quarter reached 8.4 billion KRW, accounting for 93% of total sales. This represents a 16% increase from the previous quarter and a 2.4-fold growth compared to the same period last year. In fact, 1,519 new companies joined Wanted in the third quarter, doubling compared to the same quarter last year. The number of new job postings in the third quarter also increased 2.4 times year-on-year, and the number of successful candidates rose 2.1 times. WantedLab expects to maintain a stable growth trend as leading indicators affecting performance continue to rise.
Third-quarter sales from new businesses recorded 660 million KRW, up 83% year-on-year and 10% compared to the second quarter of this year. Orders for the Geeks division, a freelancer matching platform, doubled compared to the same period last year and increased 9% from the previous quarter. The number of subscribers in the career business increased 57% compared to the second quarter of this year. The HR solutions business also saw a 34% increase in client companies and a 61% increase in users compared to the second quarter, solidly building a foundation that can be converted into future financial results.
WantedLab plans to strengthen its position as a life career platform. The Geeks business is expected to grow based on increased demand for IT sector freelancers. The career business is likely to enhance its contribution to performance through a virtuous cycle with the recruitment business driven by subscriber growth. The HR solutions business is securing market share by providing basic functions for free and is building a customer base that will serve as the foundation for future monetization.
Lee Bok-gi, CEO of WantedLab, said, "Since launching Wanted, a recruitment matching platform optimized for on-demand hiring, in the second quarter of 2015, we have recorded sales growth for 26 consecutive quarters," adding, "Based on big data from over 2.2 million matching results and differentiated AI models, we are growing approximately twofold every year."
He continued, "As the recruitment market rapidly shifts from open recruitment to on-demand hiring, WantedLab's growth speed is accelerating," and explained, "Profits have also been continuously increasing since turning profitable in the first quarter."
Furthermore, he emphasized, "WantedLab, a veteran one team that has creatively solved HR market problems over the past six years, will continue to build trust through transparent communication with the market."
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