An update from Freelancer Ltd. ( (AU:FLN) ) is now available.
Freelancer Limited reported a 7.1% decline in Gross Marketplace Value (GMV) to $948.6 million and a 4.2% drop in revenue to $53.1 million for FY24. Despite these declines, the company achieved significant profitability improvements in the second half of the year, driven by cost efficiencies and strong cash generation. The company saw a notable 18.6% increase in new client deposits in the fourth quarter, which is expected to drive future growth. Strategic AI integration has enhanced marketplace skills, liquidity, and value, positioning AI development as a key area for future projects. With a positive cash flow of $0.8 million and cash reserves of $23.2 million, Freelancer is well-positioned for expansion in FY25.
More about Freelancer Ltd.
Freelancer Limited is a multifaceted service provider, connecting over 79 million users through its core businesses: Freelancer, the largest cloud workforce globally; Escrow.com, the leading online escrow company for large value payments; and Loadshift, Australia’s top heavy haulage freight marketplace. These services cater to a wide range of clients, from individual consumers to large enterprises.
YTD Price Performance: 1.00%
Average Trading Volume: 4,308
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $47.2M
For detailed information about FLN stock, go to TipRanks’ Stock Analysis page.
Source: Freelancer Limited Reports FY24 Results with Strategic AI Integration and Profitability
