Fiverr (NYSE:FVRR) slipped in pre-market trading after its Q4 revenues fell short of estimates. The Israeli online marketplace for freelance services posted revenues of $91.5 million in the fourth quarter, up by 10.1% year-over-year but below Street estimates of $92.6 million. The company’s active buyers declined by 5% year-over-year to 4.1 million as of December 31, 2023, while spending per buyer increased by 6% year-over-year to $278.
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The company reported adjusted earnings of $0.56 per diluted share in the fourth quarter compared to $0.26 per share in the same period last year, which was above consensus estimates of $0.48 per share.
Looking ahead to the first quarter, Fiverr expects revenues in the range of $91.5 million to $93.5 million, while adjusted EBITDA is likely to be between $12.5 million and $14.5 million. For FY24, the company has projected revenues of $379 million to $387 million, while adjusted EBITDA is likely to land between $65 million and $73 million.
Is FVRR Stock a Good Buy?
Analysts remain cautiously optimistic about FVRR with a Moderate Buy consensus rating based on two Buys and one Hold. FVRR stock has declined by more than 40% over the past year, and the average FVRR price target of $37.67 implies an upside potential of 45.5% at current levels. However, it’s worth noting that estimates will likely change following today’s earnings report.
