FVRR - Why Fiverr International Stock Soared This Week
Shares of Fiverr International (NYSE: FVRR) soared as much as 39% this week, according to data from S&P Global Market Intelligence . The global online marketplace for freelance services posted better-than-expected earnings for the third quarter. As of 12:04 p.m. ET on Friday, Nov. 11, shares are up 35.9% this week.
On Nov. 9, Fiverr reported earnings for the three months ending in September. Revenue grew 11% year over year to $82.5 million and adjusted earnings per share ( EPS ) came in at $0.21. This revenue number exceeded analyst expectations by 1.7% while the adjusted EPS beat by 28%, which is a key reason why shares are up this week.
For the full year, Fiverr reaffirmed its prior guidance and expects revenue of $334 million to $340 million in 2022. On top of the earnings beat, this likely calmed down any nervous investors who are afraid of what will happen to worker demand on Fiverr's freelance marketplace if the global economy heads into a downturn.
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Why Fiverr International Stock Soared This Week