Gross payment volume on talent platform operator Freelancer Ltd. (FLN:ASX) fell 4.6% year over year in the first quarter to AUD 311.7 million (USD 208.8 million). However, gross payment volume was up 33.9% sequentially form the fourth quarter.

The year-over-year decline in gross payment volume occurred in the Sydney-based company’s extra division, where it fell 4.8%. In its talent platform Freelancer, the company reported gross marketplace volume was flat year over year in the first quarter at AUD 32.2 million (USD 21.6 million).

Still, cash receipts were down in both the Freelancer platform and escrow business. Freelancer cash receipts were down 10.4% year over year to AUD 11.1 million (USD 7.4 million), and escrow division cash receipts were down 10.1% to AUD 2.6 million (USD 1.7 million).

Freelancer’s talent platform did add 1.8 million new users in the first quarter and 268,000 new projects to its marketplace. The average project size in the first quarter was USD 243, up 3% year over year.

“Our focus has been heads down on getting the business unit to profitability and user-facing product,” the company said. “Marketing costs and overall operating costs were down 33.3% and 16.7% [on the previous corresponding period] respectively. In March, we got the business into operating profitability.”

Freelancer also reported is enterprise division saw gross marketplace volume rise 81% year over year.

Share price and market cap

Shares in Freelancer Ltd. closed up 6.98% on Tuesday to AUD 0.23 (USD 0.15); they were 21.05% above their 52-week low, according to FT.com. The company had a market cap of AUD 97.01 million (USD 65.0 million).