Fiverr International Ltd. (NYSE: FVRR), a B2B talent platform, reported first-quarter revenue jumped 26.9% to a record $86.7 million. The company is based in Tel Aviv, Israel. Both the number of active buyers and spend per buyer increased.
The number of active buyers rose by 11% year over year to 4.2 million in the first quarter at Fiverr. Meanwhile, the amount of spend per buyer rose by 17% to $251.
“The Fiverr community is active, engaged and growing, and it is our relentless focus to innovate and bring value to our community every day,” said founder and CEO Micha Kaufman.
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“Our solid results in the first quarter demonstrate the resilience of our business and ability to execute amid volatile macro conditions,” said President and CFO Ofer Katz. “We are very pleased with the ongoing momentum in Fiverr Business and the exciting upmarket opportunities ahead of us. Our strong balance sheet and disciplined financial strategy provides a solid foundation for us to continue investing for growth and long-term shareholder value.”
Fiverr noted it provided a wider range of guidance for its Q2 outlook and updated full-year 2022 guidance than normal for both the top and bottom lines to reflect the wider range of outcomes that could result from the changing macro environment.
Fiverr in March suspended its business in Russia amid the invasion of Ukraine.
Fiverr forecast first-quarter revenue of between $86.0 million and $87.5 million, a year-over-year increase of between 14% and 16%.
The company also lowered its forecast for full-year revenue to between $345.0 million and $365.0 million, a year-over-year increase of between 16% and 23%; Fiverr had forecast an increase of between 25% and 27% with its Q4 earnings report.
Share price and market cap
Shares in Fiverr were down 22.14% to $31.82 as of 11:59 a.m. Eastern time; they set a new 52-week low during today’s trading session when it reached $29.04, according to FT.com. Fiverr had a market cap of $1.5 billion.