Fiverr beats Wall Street estimates, brings in $74.3 million in Q3

Active buyers on the site grew to 4.1 million in Q3.

Freelancer platform Fiverr released its Q3 figures on Wednesday, showing a 42% year-over-year revenue growth. 

The company reported a revenue of $74.3 million for Q3 alongside a non-GAAP EPS of $0.21. The figures beat Wall Street estimates of a $0.02 EPS and a revenue estimate of $71 million. 

Active buyers grew to 4.1 million, compared to 3.1 million seen during the same quarter last year. Spend per buyer reached a high of $234 compared to the $195 the company saw in September 2020.

The company acquired freelancer management platform Stoke Talent for $95 million last week as a way to expand its offerings to provide more tools to larger businesses. 

"Fiverr delivered a strong third quarter as we saw revenue growth of 42% y/y. We are also making exciting progress towards our long-term vision of the future of work with the acquisitions of CreativeLive and Stoke Talent, further strengthening our value proposition to increase market share in our massive TAM," said Micha Kaufman, Fiverr's founder and CEO.

"I'm also thrilled to announce the launch of our new brand campaign, which deeply resonates with me and underscores our belief that anyone should have access to opportunities to pursue their dreams."

The company is now expecting to bring in between $74.5 million and $77.5 million in revenue for Q4. For 2021 as a whole, revenue expectations have been bumped up to between $292.4 million and $295.4 million. 

Fiverr, along with other freelancer platforms like Upwork, has seen a massive uptick in users and spending due to the newfound reliance on remote work that emerged last year due to the COVID-19 pandemic

"Fiverr continues to deliver strong financial results amidst the still uncertain backdrop of the pandemic," added Ofer Katz, Fiverr's president and CFO. "The underlying strength and scale of our business, together with secular trends towards digital transformation, will drive long-term growth for the company."

In March, Fiverr announced that it would expand its offerings to include data and analytics, and overall, the company told shareholders it had expanded from eight to now 25 different verticals. The newest vertical will offer users access to freelance experts in data science, analytics, data processing, visualization, databases, and data entry.