Fiverr Shares Gain On FY23 Outlook Boost; CEO 'Excited' About AI Opportunities

Fiverr International Ltd (NYSE: FVRR) reported first-quarter FY23 sales growth of 1.5% year-on-year to $87.96 million, marginally beating the consensus of $87.66 million.

  • Active buyers increased 0.3% Y/Y to 4.3 million, and Spend per buyer rose 4% Y/Y to $262. The take rate expanded by 80 bps to 30.4%.
  • Non-GAAP gross margin expanded by 40 bps to 83.9%, while the adjusted EBITDA margin expanded by 830 bps to 12.8%.
  • Non-GAAP EPS of $0.36 beat the consensus of $0.24.
  • Fiverr generated $13.5 million in operating cash flow and held $330.1 million in cash and equivalents.
  • Micha Kaufman, founder and CEO, said, "We are excited about the opportunities that lie ahead of us, particularly around AI technology, and believe we are well positioned to unlock the combined potential of human talent and AI tools in the freelancing industry."
  • Outlook: Fiverr sees Q2 revenue of $88 million - $90 million (vs. consensus $88.50 million). Adjusted EBITDA of $12.0 million - $14.0 million.
  • Fiverr raised FY23 revenue to $355.0 million - $365.0 million, up from $350.0 million - $365.0 million (vs. consensus $359.57 million). It raised Adjusted EBITDA to $48.0 million - $56.0 million, up from $45.0 million - $55.0 million.

Price Action: FVRR shares are trading lower by 0.84% at $28.44 at the last check Thursday.

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