Fiverr International Ltd FVRR is trading significantly lower Thursday after the company issued third-quarter and full-year 2021 guidance below estimates.
Fiverr expects third-quarter revenue to be in a range of $68 million to $72 million, versus the estimate of $80.21 million. It expects full-year 2021 revenue to be in a range of $280 million to $288 million, versus the estimate of $307.78 million.
The company said its financial outlook was negatively impacted by reduced online activity stemming from lifted COVID-19 restrictions in the quarter.
Fiverr reported quarterly earnings of 22 cents per share, which beat the estimate of 10 cents per share. The company reported quarterly revenue of $75.3 million, which beat the estimate of $74.8 million.
“We are accelerating the pace of investments to make Fiverr into a powerhouse that enables more buyers and sellers to participate in the digital service economy," said Micha Kaufman, founder and CEO of Fiverr.
Price Action: Fiverr has traded as high as $336 and as low as $99.39 over a 52-week period.
At last check Thursday, the stock was down 24.20% at $174.81.
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