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Revenue rose 3.6% at Recruit Holdings Co. Ltd. in the company’s fiscal third quarter ended Dec. 31, driven by growth in its HR technology segment, which includes Indeed and Glassdoor.

(¥billions) Q3 2019 Q3 2018 % change Q3 2019 (US$millions)
Revenue ¥608.5 ¥587.0 3.6% $5,539.7
Operating income ¥69.6 ¥65.6 6.1% $633.6
Profit attributable to owners of the parent ¥52.3 ¥53.3 -1.9% $476.1

In the staffing segment, revenue fell 3.3% year over year. Revenue in the segment rose 4.1% in Japan operations but fell 8.7% in overseas operations, which the company attributed to the negative impact of foreign exchange rate movements and the ongoing uncertain outlook for the European economy; excluding this impact, overseas operations revenue decreased 2.8%.

Recruit’s staffing operations in North America include Staffmark Group, The CSI Companies, Advantage Resourcing, Advantage xPO and the Atterro companies. Its European operations include USG Professionals and Start People. Australian operations include the Chandler Macleod Group and Peoplebank.

Revenue by segment

(¥billions) Q3 2019 Q3 2018 % change Q3 2019 (US$millions)
HR Technology (Indeed and Glassdoor) ¥109.5 ¥65.1 28.6% $997.1
Media & Solutions ¥184.8 ¥178.2 3.7% $1,682.7
Staffing ¥320.3 ¥331.1 -3.3% $2,916.6

Revenue rose 28.6% in Recruit’s HR technology segment, driven primarily by increased sponsored job advertising revenue. As of the fiscal third quarter, Indeed and Glassdoor attracted approximately 250 million and 60 million monthly unique visitors and had approximately 9,800 and 1,000 employees, respectively.

Recruit’s media and solutions segment includes publishing operations in Japan; it’s a nonstaffing business line. Revenue in the segment rose 3.7%, primarily driven by increased revenue in the housing and real estate, travel and beauty sub-segments in marketing solutions.


Recruit forecast revenue in its HR technology segment will rise by approximately 35% in the full fiscal year. Staffing revenue is expected to rise for Japan operations; however, overseas operations revenue is expected to decrease due to the continued uncertain outlook mainly in Europe and foreign exchange trends.

Share price and market cap

Shares in Recruit closed down 0.99% to ¥4,501 in Japan; the company had a market cap of ¥7.71 trillion (USD 70.20 billion), according to


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