Fiverr International (NYSE: FVRR) reported revenue in the first quarter of 2024 of $93.5 million, compared to $88.0 million in the first quarter of 2023, an increase of 6.3% year over year.

The company said it saw a strong start to the year with first-quarter results ahead of expectations.

“We executed on our key strategic priorities, delivering revenue at the top end of our guidance, and Adjusted EBITDA ahead of our guidance range,” the company stated.

Adjusted EBITDA in the first quarter of 2024 was $16.0 million, compared to $11.3 million in the first quarter of 2023. Adjusted EBITDA margin was 17.1% in the first quarter of 2024, compared to 12.8% in the first quarter of 2023.

Underlying the business, gross merchandise value — the total value of transactions on its platform — grew 2% year over year for the trailing 12 months, an acceleration from 1% last quarter. This is primarily driven by the strong growth in spend per buyer, which grew 8% over the year. The group said its efforts in Fiverr Business Solutions continued to pay off.

“We are off to a good start in 2024,” Fiverr founder and CEO Micha Kaufman said in a press statement. “While we continue to operate in a very challenging macro with a weak hiring environment and the lowest SMB sentiment in over a decade, our efforts in going upmarket and driving growth in complex services are paying off.”

“Our financial performance this quarter reflects the strength of our underlying business and the discipline and efficiency in our execution strategy,” Ofer Katz, Fiverr president and CFO, said in a press release.

The number of active buyers as of March 31 was 4.0 million compared to 4.3 million as of March 31, 2023, a decrease of 6% year over year.

Spend per buyer as of March 31 reached $284 compared with $262 as of March 31, 2023, an increase of 8% year over year.

Katz noted the company announced its first-ever share repurchase program. “For the remainder of 2024, we look to build on the momentum across our product portfolio and are on track to deliver on our full year guidance,” he said.

Looking ahead, Kaufman said Fiverr is, “embracing AI to deepen our relationship with our customers and deliver the next-gen matching experience on our marketplace.”

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Guidance

Fiverr forecast second-quarter revenue in the range of $93.5 million to $95.5 million, year-over-year growth of between 5% and 7%.

For the full year, the group forecast revenue of $381.0 million and $387.0 million, a year-over-year increase of between 5% and 7%.

Share price

Shares in Fiverr on the New York Stock Exchange were up 11.22% to $22.60 as of 12:09 p.m. Eastern time today. They were 20.02% above their 52-week low.