FVRR - Fiverr International weak guidance drags down competitor Upwork

Fiverr International (NYSE:FVRR) plunged on Wednesday after the Israeli-based online freelance market place company said its second-quarter and full-year sales guidance would fall short of expectations, dragging down competitor Upwork (NASDAQ:UPWK), among others. Fiverr (FVRR) shares were down nearly 25% to $30.76 on heavy volume in mid-day trading on Wednesday, while Upwork (UPWK) hit a new 52-week low, falling nearly 12% to $15.84. Since the start of the year, Upwork (UPWK) has lost more than 50% of its market cap, while Fiverr (FVRR) has declined more than 72%. Led by Micha Kaufman, Fiverr (FVRR) said it would generate between $86 million and $87.5 million in sales during the second-quarter, below expectations of $92.63 million. Adjusted EBITDA is expected to be between $3 million and $4 million. For the full-year, Fiverr (FVRR) said revenue is likely to be between $345 million and $365 million, below consensus estimates of $378.12 million, with adjusted EBITDA between $10 million and $17 million.

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Fiverr International weak guidance drags down competitor Upwork