Israeli freelance services platform Fiverr International Ltd. (NYSE: FVRR) has raised its guidance for the fourth quarter of 2021. The company had previously cut its guidance for the second half of 2021, expecting the relaxation of Covid restrictions to negatively affect business, but the latest higher guidance is still lower than previous forecasts.
In the third quarter financial results reported by Fiverr today, the company's revenue and profit exceeded analysts' expectations. Revenue in the third quarter of 2021 was $74.3 million, 42% higher than the corresponding quarter of 2020, and above the analysts' consensus prediction of $71.1 million, and Fiverr's own guidance of $68-72 million.
The company recorded a GAAP net loss of $14.3 million compared with a net loss of $454,000 in the corresponding quarter of 2020. Non-GAAP net profit for the third quarter of 2021 was $7.7 million, up 61.9% from the corresponding quarter of 2020. Net earnings per share was $0.19, compared with a loss of $0.01 predicted by the analysts.
Fiverr founder and CEO Micah Kaufman said, "Fiverr delivered a strong third quarter as we saw revenue growth of 42% y/y. We are also making exciting progress towards our long-term vision of the future of work with the acquisitions of CreativeLive and Stoke Talent, further strengthening our value proposition to increase market share."
Fiverr's share price is up 13% in premarket trading at $182.05, giving a market cap of $6.6 billion. As of close of trading the share price had lost 50% of its value since its peak in February but was still 667% up on its IPO value in 2019.
Published by Globes, Israel business news - en.globes.co.il - on November 10, 2021.
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