Shares of Fiverr International (NYSE: FVRR) are tumbling 13.3% this week compared with where they closed last Friday, according to data from S&P Global Market Intelligence. The drop followed the freelancing platform's announcement that it was laying off 8% of its workforce.

Fiverr had been a promising tech IPO that transformed into a pandemic-era darling, only to see it catch the vapors in a reopened economy. The stock is down 72% in 2022 and has lost 88% of its value from the all-time high it hit last year.

The economy has not been kind to Fiverr as people returned to offices. During the early part of the pandemic, many people took to the gig economy to make a living, and the company, which matches freelance creatives with customers, surged in popularity.

Continue reading

Source Fool.com