- Even though Covid-19 is leading to a historic increase in demand for freelance and remote workers, UPWK barely grew at 19% last quarter and the guidance for the current quarter largely disappointed the Street.
- Besides low revenue growth rate, conversion and client retention rates also weakened.
- On the other spectrum is Fiverr. Rather than worried about the client's health, the company is experiencing renewed growth from old customers.
- Instead of weak guidance, revenue came in 30% higher than the high-end of the guidance, added a record number of buyers on the platform, and saw the e-commerce category tripling in size and gaming growing by 9X.
For further details see:
Thinking About Fiverr And Upwork Pair Trade, Think Kahneman