51job, Inc. (NASDAQ:JOBS) Q3 2019 Earnings Conference Call - Final Transcript
Nov 14, 2019 • 08:00 pm ET
continue to be making investments on that front and so that is our philosophy on that.
I think that obviously in the short-term that will mean that because our revenue growth is not robust and we are not forecasting for revenue growth at this point in time for the fourth quarter, it will mean that our margin will have to take us little bit of a step back. And so I think that's where we are for the fourth quarter. I don't think we are -- we can actually forecast too far ahead in terms of 2020 at this point because I think our margins are always predicated on how our top-line looks and we will build infrastructure with that in mind, if you will. So, I think we'll be able to give you more color on margins and in revenues in general actually once we discuss Q4 results after Chinese New Year. So I think that's the timeline.
Finally, on the CDP investment. I think we are very excited that we are able to move ahead with this partnership that we believe that we'll be developing with CDP. I think that we have -- we bolstered the HR customer if you will, but I think in a slightly different fashion. I think that it is a different way to serve customers if you will. I think that most of our services, we are able to have a wider coverage and we have a larger customer base recovery. I think CDP has a slightly different role post historically where they've gone deeper with certain customers, in certain verticals.
But I think that I think there will be a good mix of technology and solution that we could actually co-develop going forward as well. So I think that this is something that, that's actually very exciting for the company as we continue to move forward in bringing a whole suite of products and services. And now, hopefully we can integrate this even better for our customers and so that their user experience will be improved down the line. So I hope that answers your question.
Your next question comes from Kim Chen [Phonetic] with Jefferies. Please go ahead.
Hi, management. Thank you for taking my question. I have a few questions actually. The first one is on the number of unique employers. I looked at ARPU from a year-on-year or quarter-on-quarter basis that has -- the decline has accelerated. I'm just wondering is there any particular reason behind, is it just a result of the weak macro backdrop or is it also because of us being more selective in selecting our employers. And is it a minimum level that we want to maintain on a quarterly basis and how should we think about this number towards the fourth quarter or even 2020.
And my second question is on the cost because what we understand is that we have more control on the sales and marketing costs as we control