Fiverr International (NYSE:FVRR) shares have popped higher today after the company reported its second-quarter financial results, smashing analysts estimates…
The company turned a profit based on its adjusted EBITDA which was $3.1 million, earlier than initially expected, causing Fiverr to raise its guidance for the rest of the current year.
Fiverr is a website that connects freelancers and gig workers to a customer base, and its business seems to have thrived as the coronavirus put everyone into lockdown and people resorted to looking for other streams of income.
Its revenue increased 82% year on year to $47.1 million, which is also a 38% increase in comparison to the previous quarter, with estimates expecting revenue to come in at £35.5-$36.5 million.
Fiverr’s stock price has surged higher and is currently at the $123 level, an 18.02% rise after yesterday’s close. It means the company’s stock price has risen a staggering 409.38% since the beginning of the year.
Fiverr founder and CEO Micha Kaufman said, “We have delivered an outstanding quarter of results as our strong execution amidst the Covid-19 pandemic resulted in 82% y/y growth in revenue and Adjusted EBITDA profitability. I’m incredibly proud that Fiverr has been playing an important role in the livelihoods of individuals and businesses everywhere during this challenging global environment.
The company went on to say that the number of active buyers on the platform grew 28% to 2.8 million, with buyers individual spend increasing as well.
Yesterday Fiverr’s rival, Upwork, announced that its revenue had risen 19%.