Israel-based online staffing platform operator Fiverr International Ltd. (NYSE: FVRR) reported second-quarter revenue rose 40.8%, and the number of active buyers on its platform increased by 14% to a total of 2.2 million.

The human cloud firm reported an increased net loss, but CEO Micha Kaufman said the results reported today demonstrate the power of its business model.

“Over the coming quarters and years, we plan to execute on our strategy to drive sustainable growth, while making steady progress on our path to profitability,” Kaufman said.

The company also noted the spend per buyer was $157, up 16% year over year.

Fiverr had also introduced its Fiverr Studios in late July which aims to allow freelancers to collaborate and provide complex offerings. The company also recently launched its German language homepage.

Guidance

Fiverr forecast revenue will be up 30% to 35% in the third quarter and up 34% to 37% for the full year.

Fiverr International shares closed at $24.66, down 8.16% on the day and 11.38% above the 52 week low of 22.14 set on 12 July 2019. Based on its current share price, the company has a market value of $832.22 million.