Why Fiverr Shares Are Trading Lower Today

Fiverr International Ltd (NYSE:FVRR) reported first-quarter FY22 revenue growth of 27% year-on-year to $86.7 million, beating the consensus of $86.5 million.
Active buyers increased 11% Y/Y to 4.2 million, Spend per buyer rose 17% Y/Y to $251. Take rate expanded by 240 bps to 29.6%.
Non-GAAP gross margin contracted 60 bps to 83.5%, while the adjusted EBITDA margin expanded 550 bps to 4.5%.
Non-GAAP EPS of $0.11 beat the consensus of $0.02.
Fiverr generated $7.7 million in operating cash flow and held $212.2 million in cash and equivalents.
"Millions of businesses continue to turn to Fiverr to find a freelancer, as they enjoy the unmatched convenience, speed, and selection of the on-demand digital services we provide," said Micha Kaufman, CEO.
Outlook: Fiverr sees Q2 revenue of $86 million - $87.5 million.
Fiverr cut its FY22 revenue guidance from $373 million - $379 million to $345.0 million - $365.0 million.
Price Action: FVRR shares traded lower by 8.25% at $37.50 in the premarket session on the last check Thursday.

To add Benzinga News as your preferred source on Google, click here.