Q2 2024 Upwork Earnings

Aron · July 31, 2024, 5:22pm

This topic summarizes Upwork Q2 2024 earnings results. Insights from the earnings call will also be posted here.

Aron · July 31, 2024, 5:26pm

Fiverr Q2 revenue in-line with expectations, Q3 revenue guidance underwhelming

Fiver Q2 2024 revenue rose by 6% y/y to $94.7 million, in-line with analysts estimate of $94.6 million while adjusted EPS came in at $0.58 versus analysts estimate of $0.57.
Its active buyers fell by 8% y/y to 3.9 million while spend per buyer was up 10% to $290 driven by take rate which expanded by 230 bps y/y to 33%.
Fiverr is guiding Q3 revenue in the range of $95.0 - $97.0 million (3-5% y/y), mid-point guidance coming below analysts estimate of $97.7 million.
The company adjusted its 2024 revenue guidance to a range of $383.0 - $387.0
million (6-7% y/y) from $381.0 - $387.0 million originally.
It pointed out that it started seeing a weakening in traffic trends from June.

“After a strong start to the year with traffic trends meaningfully recovering from the second half of 2023, we saw some pullback in traffic in June, with Programming and Tech experiencing the biggest volatility. The strength we saw in the earlier part of the year proved to be more of a pull-forward rather than a sustainable turn of trend, as the continued weakness in SMB sentiment persists,” Fiverr said in the shareholder letter.