Freelancer Q2 revenue down 6.2%, online marketplace segment weakens
Freelancer Q2 revenue down 6.2%, online marketplace segment weakens

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Australia-based Freelancer (FLN: ASX) reported net revenue for the second quarter of AUD 12.9 million (USD 6.8 million), down 6.2% over the prior year.
Revenue for the six months ending 30 June 2024 stood at AUD 24.9 million (USD 16.3 million), down 8.0% compared to last year.
For the H1 period, the online marketplace segment (Freelancer) reported net revenue of AUD 20.4 million (USD 13.3 million), down 9.0% over the prior year period. Lower enterprise engineering services contributed 3% of the decline, the group stated.
Escrow.com, the online payment services segment reported net revenue of AUD 4.6 million (USD 3.0 million), down 3.2%.
The group incurred a Net Loss After Tax of AUD -1.0 million (USD -0.6 million) in H1.
Freelancer Gross Marketplace Value stood at AUD 64.7 million (USD 42.3 million) in the H1 period, down 0.8% over the year. Escrow.com Gross Marketplace Value stood at AUD 385.1 million (USD 252.2 million), down 20.5%.
Overall, group Gross Marketplace Value stood at AUD 449.8 million (USD 294.54 million) in H1, down 18.2% over the prior year period.
Q2 revenue by segment
(AUD millions) | H1 2024 | H1 2023 | Change | H1 2024 (USD millions) |
Freelancer | 10.4 | 11.5 | -9.4% | 6.8 |
Escrow.com | 2.4 | 2.2 | 10.5% | 1.5 |
Total | 12.9 | 13.7 | -6.2% | 8.4 |
H1 revenue
(AUD millions) | H1 2024 | H1 2023 | Change | H1 2024 (USD millions) |
Net revenue | 24.9 | 27.1 | -8% | 16.3 |
Gross profit | 19.9 | 22.8 | -13% | 13.1 |
Gross margin | 79.9% | 84.0% | - | |
EBITDA | -1.3 | -0.4 | - | -0.8 |
Net profit/loss after tax | -1.0 | -0.3 | - | -0.6 |
The group said lower gross margin was due to increases in fraud provisioning, fraud prevention costs and lower margin enterprise revenues.
The Freelancer Group primarily consists of Freelancer, Escrow.com- which facilitates and secures large value payments, and Loadshift- Australia’s largest online freight marketplace. All are market leading, broad, horizontal service offerings that consumers through to large enterprises require as part of their everyday business.
Freelancer shares closed today at AUD 0.20 (USD 0.13), down 2.44% on the day and 17.65% above the 52-week low of AUD 0.17 (USD 0.11) set on 27 June 2024. The company has a market cap of AUD 92.44 million (USD 60.53 million).