Fiverr Raises 2019 Revenue Guidance on Third Quarter Reports

NYSE-listed online gig marketplace Fiverr Int. Ltd. released its earnings reports for the third quarter of 2019 Wednesday, announcing revenues that surpassed market expectations and losses lower than the analyst consensus.

Fiverr, which went public in June, has a market capitalization of $675 million. The company reported revenues of $27.8 million for the quarter, a 41.8% increase year-over-over, surpassing the analyst consensus of $26.09 million. Its GAAP net loss was $8.4 million, or a loss per share of $0.26, compared to a net loss of $7.2 million, or $1.1 per share, in the third quarter of 2018. Its non-GAAP net loss was $4 million, or a loss of $0.12 per share, compared to a non-GAAP net loss of $3.8 million, or $0.17, in the third quarter of 2018. The analyst forecasts for the non-GAAP loss per share for this quarter stood at between $0.16 and $0.29. Adjusted EBITDA in the third quarter of 2019 was a loss of $4.4 million, compared to a loss of $3.9 million in the third quarter of 2019.

Fiverr reported an increase in active buyers from 1.95 million as of September 30, 2018, to 2.26 million as of September 30, 2019. The spend per buyer increased from $141 to $163 over the same period, the company said.

Following its third quarter results, Fiverr said it upped its annual revenue guidance for 2019 to between $105.5 million and $106.5 million. The company forecasts revenues of between $28 million and $29 million for the fourth quarter of 2019.