A platform for discovering freelancers on the internet Fiverr International Ltd. (NYSE: FVRR) on November 10, 2021, posted third-quarter earnings that were better than predicted by Wall Street. The announcement boosted the company’s stock price, which increased by about 10% in trade on November 10.
On November 11, FVRR shares were trading at $182.16.
The Fiverr marketplace provides services for both freelancers and businesses searching for performers. Because of the severe talent shortage in the US market, the demand for employees, especially temporary workers, stays constantly strong, resulting in increasing activity on the Fiverr platform.
Fiverr International’s revenue grew 42 percent year on year to $74.3 million in the third quarter of 2021, above Wall Street’s median projection of $71.1 million. Fiverr International Ltd. (FVRR) had 4.1 million active consumers employing freelancers at the end of the third quarter, a 33 percent increase compared to the previous year. The average cost per consumer has also risen by 20%.
Adjusted profits per share increased to $0.19, compared to a loss of $0.01 per share predicted by Wall Street.
Fiverr International Ltd. (FVRR) anticipates revenue to increase to $76 million in the fourth quarter due to high demand for temporary services. It was once considered that such demand was solely a result of the epidemic and forced social isolation.
However, several prominent corporations have already come out in support of permanent remote work for at least part of their staff. Large corporations are driving this trend, but smaller businesses are being pushed to adopt similar guidelines as more competent individuals perceive teleworking as a competitive advantage.
Furthermore, the COVID-19 epidemic has resulted in the formation of a huge number of self-employed individuals making money on short-term tasks. These are all aspects that can help the Fiverr platform develop.
Fiverr International Ltd. (FVRR) is now undertaking a large marketing effort in numerous key areas, including the United States, United Kingdom, Germany, and Australia. Furthermore, the firm intends to build a fully working ecosystem for freelancers and their clients and is now exploring mass-market prospects.