Job listings portal’s revenues plunge and CEO says paid ad volumes expected to keep falling this financial year
Revenue derived from job listings portal Seek’s Australian and New Zealand operations dropped 8% to $840m over the financial year as ad volumes fell 20%.Revenue derived from job listings portal Seek’s Australian and New Zealand operations dropped 8% to $840m over the financial year as ad volumes fell 20%.The job listings portal Seek has flagged a “significant reduction” in job advertisements, sparking hot competition for a dwindling number of roles.
The recruitment platform earns the majority of its income from organisations who pay to list jobs on its sites. The chief executive of Seek, Ian Narev, said he expected paid ad volumes to keep falling in Australia and New Zealand this financial year “based on our historical experience of similar conditions”.
In its recent jobs report, Seek found ad volumes had fallen well over 20% in Victoria and New South Wales, led by weakness in the hospitality, tourism and technology sectors.E&P Capital analyst Entcho Raykovski described Seek’s financials as a “weaker than expected” and noted its “guidance will disappoint”.Many Australian corporates are now releasing their annual earnings, offering insight into how companies are trying to attract consumers grappling with high living expenses.
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