Israel-based Fiverr International Ltd. (NYSE: FVRR) reported revenue in the first quarter of 2024 of USD 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 Q1 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, GMV (gross merchandise value) grew 2% year-on-year for the trailing twelve 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.

Micha Kaufman, founder and CEO of Fiverr, said, “We are off to a good start in 2024. 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.”

Ofer Katz, President and CFO of Fiverr, added, “"Our financial performance this quarter reflects the strength of our underlying business and the discipline and efficiency in our execution strategy.”

Active buyers as of 31 March 2024 was 4.0 million, compared to 4.3 million as of 31 March 2023, a decrease of 6% year over year.

Spend per buyer as of 31 March 2024 reached $284, compared to $262 as of 31 March 2023, an increase of 8% year over year.

Katz added, “We also announced our first-ever share repurchase program as we optimize our capital allocation strategy to deliver shareholder value while investing into the long-term growth of the company. 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.”

Kaufman said, “As we think about building the next leg of growth for Fiverr, we are putting trust as our north star, and embracing AI to deepen our relationship with our customers and deliver the next-gen matching experience on our marketplace.”

Looking ahead, the company said, “We are raising the low end of our 2024 guidance range for both revenue and Adjusted EBITDA. We continue to navigate the current macro cycle with discipline and pragmatism, while investing strategically in upmarket, complex services and AI to drive long-term growth.”

For Q2 2024, the group forecasted revenue in the range of $93.5 - $95.5 million (5-7% annual growth). Adjusted EBITDA is expected to be in the range of $16.0 to $18.0 million.

For the full year, the group forecasted revenue of $381.0 - $387.0 million (5-7% year-on-year growth) with Adjusted EBITDA expected to be in the range of $67.0 - $73.0 million.

Fiverr International published its results today. The group last traded yesterday when shares closed at USD 20.32, down 3.01% on the day and 7.91% above its 52-week low of $18.83, set on 10 April 2024. The company has a market cap of $786.43 million.