Fiverr International Ltd (NYSE:FVRR) reported third-quarter fiscal 2024 sales growth of 8% year-on-year to $99.63 million, beating the analyst consensus estimate of $96.42 million.

The online marketplace for freelance services reported an adjusted EPS of $0.64, beating the analyst consensus estimate of $0.59. The stock gained after the print.

As of September 30, 2024, there were 3.8 million active buyers versus 4.2 million last year, and the Spend per buyer rose 9% year over year to $296.

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The take rate expanded by 260 bps to 33.9%.

The adjusted gross margin declined 120 basis points to 84.0%, while the adjusted EBITDA margin expanded 180 basis points to 19.7%.

The operating loss for the quarter was $(3.48) million, compared to a loss of $(2.35) million last year.

Fiverr generated $10.87 million in operating cash flow and held $374.89 million in cash and equivalents as of September 30, 2024.

"The strong results and our continued progress on profitability improvements put us well on track to achieve our three-year targets for Adjusted EBITDA and free cash flow," said Ofer Katz, President and CFO of Fiverr."

Outlook: Fiverr expects fourth-quarter fiscal 2024 revenue of $100.2 million–$102.2 million, against the consensus of $100.64 million. Adjusted EBITDA of $19.5 million – $21.5 million.

Fiverr projects fiscal 2024 revenue of $388.0 million–$390.0 million (prior $383.0 million–$387.0 million) versus the consensus of $385.13 million. Adjusted EBITDA of $73.0 million–$75.0 million (prior $69.0 million–$73.0 million).

Fiverr International stock gained 19% in the last 12 months.

Price Action: FVRR stock is up 16.40% at $29.17 at the last check on Wednesday.

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