Fiverr Misses On Q2 Revenue; Slashes FY22 Outlook To Reflect Cautious Global SMB Spending

• Fiverr International Ltd (NYSE: FVRR) reported second-quarter FY22 revenue growth of 13% year-on-year to $85 million, missing the consensus of $86.7 million.

• Active buyers increased 6% Y/Y to 4.2 million, Spend per buyer rose 14% Y/Y to $259. Take rate expanded by 200 bps to 29.8%.

• Non-GAAP gross margin contracted 170 bps to 82.7%, while the adjusted EBITDA margin contracted 440 bps to 5.4%.

• Non-GAAP EPS of $0.12 beat the consensus of $0.09.

• Fiverr generated $7.09 million in operating cash flow and held $307.2 million in cash and equivalents.

• Outlook: Fiverr sees Q3 revenue of $80.5 million - $82.5 million.

• Fiverr cut its FY22 revenue guidance from $345.0 million - $365.0 million to $332.0 million - $340.0 million as global SMB spending grew more cautious, leading to less demand for freelancers.

• Price Action: FVRR shares closed higher by 6.83% at $37.07 on Wednesday.

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