Afternoon Coffee: Fiverr posts strong Q3 growth; Suplari launches new Spend Intelligence Cloud; Facebook, Google, Twitter execs testify before Congress

pressmaster/Adobe Stock

Fiverr, the online freelancer services marketplace, announced its Q3 financial results.  The company has been thriving after the COVID-19 pandemic shook economies across the world in early 2020 and remote work became a new normal for most organizations.

The company’s Q3 financial highlights are summarized here:

  • Q3 revenue of $52.3 million represented an increase of 88% year over year
  • GAAP net loss of ($0.5) million was posted Q3 2020, compared to a net loss of ($8.4) million, in Q3 2019.
  • Adjusted EBITDA in Q3 2020 improved to $4.2 million, compared to ($4.4) million in Q3 2019

At an operational level, Fiverr reported the following:

  • As of September 30, active buyers grew 37% to 3.1 million compared to 2.3 million at the same time a year ago
  • As of September 30, spend per buyer reached $195 compared to $163 at the same time a year ago, a 20% increase

Fiverr also reported on the progression of some initiatives and the launch of a new purchase experience that includes “new features to allow buyers to break large projects into milestones and make recurring purchases.”

Fiverr Founder and CEO Micha Kaufman stated: “We continue to see sustainable trends in businesses upping their investments into digital transformation and their increasing willingness to adopt a remote and flexible workforce.”

Fiverr’s FY 2020 guidance has been updated: FY 2020 revenue is now expected to grow 74-75%, with an Adjusted EBITDA range of $8.5 million to $9 million. And today, Fiverr's shares were trading at nearly $160 per share, up from about $150 at yesterday’s close. In late March 2020, Fiverr shares were trading in the $20-25 range.

In the near future, Spend Matters will follow up with PRO analyses of Fiverr’s performance and on online platform-based work/services trends and developments.

Suplari launches new version of Spend Intelligence Cloud with library of 175 insights

Suplari, a spend analytics and supplier management specialist, announced Wednesday that it’s launching a new version of its industry Spend Intelligence Cloud, which will feature a library of 175 automated insights.

The insights will predict and manage costs, cash flow and investments across enterprise using algorithms and industry best practices. The Suplari Insights platform will have the capability to distill thousands of data points about suppliers, contracts, purchase orders and budgets into actionable recommendations for finance and procurement leaders, according to a press release.

The insights library will identify and prioritize projects that help businesses save money, optimize suppliers and improve performance. Procurement and finance leaders will be able to collaborate with budget owners across business functions. Suplari said its data model and insight generator make recommendations based on historical data and trends.

“Suplari’s insight generator technology, combined with our cloud-native architecture, allows us to quickly build AI-driven insights on customer data in days — versus the months required by in-house data science teams or custom-built applications,” Nikesh Parekh, co-Founder and CEO of Suplari, said in the press release. “Our pre-built library of 175 insights will continue to grow organically based on input from customers, partners and Suplari’s data science team. Each insight can be configured to reflect company policies, industry requirements and spending persona of our customers.”

CEOs of Facebook, Google, Twitter testify before Congress on legal liability shield

CEOs at Facebook, Google and Twitter virtually returned to Congress on Wednesday morning to defend their legal liability shield to lawmakers wanting to weaken it, according to CNBC.

Executives faced lawmakers on the Senate Commerce Committee that unanimously supported the hearing after the scope was expanded to include digital privacy and tech’s impact on local media. Republicans and Democrats on the committee are divided over how to tackle issues, but both sides share concern, leaving an open path for reform down the road, the article said.

“There is more common ground than people realize,” Sen. Richard Blumenthal, D-Conn., told CNBC Tuesday. He said there could be more “opportunity for bipartisan consensus” after the election.

Never miss out on Spend Matters news — sign up for our newsletter!

Share on Procurious

Discuss this:

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.