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Fiverr Reports 37 Pct Surge In Active Buyers Amid Rollout Of Payment Features

PYMNTS
·2 min read

Fiverr reported on Wednesday (Oct. 28) as part of its Q3 earnings report that active buyers increased to 3.1 million as of Sept. 30 from 2.3 million at the same time last year, marking a 37 percent year-over-year rise.

In supplemental materials released by the company through a shareholder’s letter, the gig marketplace’s take rate was 27 percent and up 40 basis points year on year. Spend per buyer was up 20 percent to $195.

Fiverr Business was officially rolled out in September following a beta with selected partners. In addition, Fiverr is rolling out a new user experience to let employers and freelancers separate big projects into milestones or incremental steps.

“Not only do these features enable [freelancers] to receive payments for their work faster, but it also gives [employers] more flexibility in purchasing, especially when it comes to large-ticket size items and when they are buying from a new [freelancer] that they've never worked with before,” Fiverr CEO Micha Kaufman said in a call with analysts.

The company is also debuting features that would let buyers make recurring purchases, which Kaufman noted are particularly relevant when it comes to continuing digital investments (i.e. content marketing.)

“You can expect us to continue rolling out products like these for both buyers and sellers as we continue to move upmarket,” Kaufman said.

Fiverr also rolled out a new logo and “brand language” combined with a new brand campaign as it starts the next phase of “changing how the world works together,” management said in a press release.

The company also noted in the press release that promoted gigs is now available in 60 categories with open enrollment.

As for its overall results, Fiverr reported non-GAAP net income of $4.7 million (12 cents diluted net income per share) on revenue of $52.3 million in Q3. The results exceeded analyst expectations of 8 cents of earnings on revenues of $49 million.

“2020 has certainly been an eventful and highly productive year at Fiverr,” Kaufman said. “We expect to continue our momentum into next year and set ourselves up for a great 2021 and beyond.”