6,575
edits
Upwork:Quarterly Results/2023 Q1: Difference between revisions
→Competitor Results and Expectations
| Line 292: | Line 292: | ||
=== Fiverr === | === Fiverr === | ||
== Results == | |||
Here is a summary of Fiverr results<ref>https://s23.q4cdn.com/749308338/files/doc_financials/2023/q1/Q1-23-Fiverr-Shareholder-Letter.pdf</ref>. | |||
* Revenue grew 1.5% year-over-year to $88 million, above analysts estimate of $87.66 million(+1.15% y/y) and management mid-point guidance of $88.5 million(+0.92% y/y). | |||
* Active buyers grew 0.3% y/y to 4.3 million. "Our y/y active buyer growth benefited from high levels of new buyers coming to the platform offset by reductions from large cohorts that are in their stabilization period," Shareholder letter noted | |||
* Adjusted EBITDA was 11.3 million above management's mid-point guidance of $9.75 million. | |||
* Fiverr narrowed its revenue guidance for 2023 to $355.0 - $365.0 million from $350.0 - $365.0 million prior. | |||
* It also narrowed its adjusted EBITDA guidance for 2023 to $48.0 - $56.0 million from $45.0 - $55.0 million. | |||
* Fiverr expects the Q2 2023 revenue to grow by 4%-6% y/y to $88.0 - $90.0 million. | |||
* Fiverr is positive on AI. "We haven’t seen the development of AI displacing the need for human talent; on the contrary, we are seeing the increasing need for human skills to deploy and implement AI technologies; an influx of new service categories and AI talent emerging on the marketplace; higher quality of work and improving productivity where AI tools are utilized; and opportunities to continuously re-imagine the future of e-commerce," the statement said | |||
* The company sees stabilization in cohort dynamics. | |||
"We continue to see stabilized cohort dynamics as anticipated at the beginning of the year, and new buyer acquisition continues to be robust with strengthened efficiency, " the statement pointed out. | |||
"All cohorts performed in line with our expectations from the beginning of the year. While their spending level moderated compared to a year ago, the trends have been stable for the past few months." | |||
"We continue to see growth in high-value spenders on our marketplace and their strong retention and spending patterns continue to strengthen our overall cohort behavior. Among those who spend over $10K+ in 2022, we saw the vast majority of them remain very active in the first quarter of 2023 despite the challenging macro conditions." | |||
==== Management Guidance and Analysts Estimate ==== | ==== Management Guidance and Analysts Estimate ==== | ||