Why Fiverr International's Stock Fell 28.3% in May
Shares of Fiverr International (NYSE: FVRR) fell by 28.3% in May, according to data provided by S&P Global Market Intelligence. The freelancer platform's shares had initially registered a year-to-date gain but, after the sharp fall in May, are now 8.7% below their level at the beginning of this year.
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Fiverr released its fiscal 2023's first-quarter earnings showing that growth was slowing even more as the pandemic recedes. Revenue increased by just 1.5% year over year to $88 million, a far cry from the 27% year-over-year jump recorded in the first quarter of 2022. The good news is that operating and net losses both shrank significantly, although Fiverr had yet to turn profitable on both metrics. On another positive note, free cash flow continued to head up, soaring by 93.2% year over year from $6.8 million to $13.2 million.
Source Fool.com
