Fiverr (FVRR) Reports Q3
Fiverr (FVRR) reported Q3 results this morning before the market opened. As expected, the company delivered outstanding results that surpassed expectations on both the top and bottom lines. Revenue was up 88% to $52.3 million (accelerating from 82% growth last quarter), propelled by a 37% jump in active buyers (to 3.1 million) and a 20% increase in spend per buyer (to $195). On the bottom line, adjusted EPS of $0.12 was up 200% and was $0.06 better than expected.
Management topped off the report with Q4 guidance that was above expectations; Q4 revenue is seen in the range of $52.4 million to $53.4 million (up roughly 79%), with the low end being higher than consensus estimates. That puts full year revenue guidance at $186.5 million (at the midpoint), which is nicely above consensus of $180 million. All in all, this was another terrific report for a company that’s benefiting from the pandemic. The stock was indicated higher pre-market, fell modestly as trading began, and has turned positive and is up roughly 4% near 11 am ET - impressive performance in the face of sky-high expectations and a market that looks like garbage today. We’ll hold steady with our hold rating and see what happens with FVRR in the coming hours/days/weeks. HOLD