FVRR - Why Fiverr Stock Jumped Today
Online freelance services marketplace Fiverr International (NYSE: FVRR) reported third-quarter results early Wednesday morning. Investors were impressed and Fiverr's stock rose as much as 16.3% in the morning's market session. By noon ET, the gains had calmed down to a 9.7% increase compared to Tuesday's closing price.
Your average Wall Street analyst had expected Fiverr's third-quarter sales to rise approximately 9% year over year to roughly $81.1 million. Earnings were expected to fall from $0.19 to $0.14 per diluted share.
Instead, Fiverr reported earnings of $0.21 per share on $82.5 million in top-line revenue. The number of active freelance service buyers rose 3% year over year to 4.2 million clients, and the average buyer's spending on the Fiverr platform increased by 12%. Management bumped up the full-year targets for revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The expected full-year EBITDA margin increased from 6.1% to 6.7%.
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Why Fiverr Stock Jumped Today