Freelancer Limited (ASX: FLN) issued a press release on October 16, 2018 which reflects an update from the Q3 2018 ended September 2018. The company garnered receipts amounting to $13 million in Q3 2018 which implies a growth of 4% on the prior corresponding period reflecting the growth momentum. The company’s cash which have been used in the operations amounted to $0.8 million primarily because of the staff payments. The company’s gross marketplace volume stood at $32 million in Q3 2018 reflecting an improvement on the YoY basis.
Freelancer witnessed substantial improvement in the project fees in Q3 2018 as it has witnessed the YoY growth of 22%. This item is the most critical revenue driver for the company. As per the management of the company, its project fees has been witnessing strong momentum from the past few days and it believes the upward trend would continue for the remaining time of the present year. In Q3 2018, the company recorded 30,000,000 users. Overall, the management’s tone related to the quarterly update was positive. The company also witnessed an increase in membership fees.
Coming to the hourly projects, Freelancer experienced strong growth and it also recorded a YoY increase of 55% in September with respect to the paid tracked hours. According to the management of the company, Recruiter, which is Freelancer’s managed service offering, has experienced strong growth momentum and is evident with the YoY growth of 50% in Q3 2018 in its GMV.
In Q3 2018, Freelancer’s net cash which was used in investing activities amounted to $0.016 million because of the payments made towards the property, plant and equipment. The management of the company also reflected favorable views towards the Freelancer Enterprise. In Q3 2018, Freelancer Enterprise entered into the partnership with Tapfin, a managed service provider of manpower group solutions. With the help of the partnership which has been entered, Freelancer managed to execute the global Master Services Agreement. This agreement was made with the leading consumer goods companies.
Today i.e. October 16, 2018, Freelancer made an announcement that the company has entered into the partnership with US Department of Energy. This partnership has been made to crowdsource the new solutions so that the manufacturing activity can be boosted in the US. The department has been working towards the development of the advanced manufacturing technologies which will aid the overall US economy by increasing employment, making strong industrial base and ensure to manufacture the products in the United States.
Primarily because of the strong update for the Q3 2018, the stock price of Freelancer has been witnessing strong upward momentum. At the time of writing, the company is trading at A$0.580 which implies an intraday gain of A$0.040 or 7.407%. The company has a market capitalization amounting to $248.45 million. At present, it can be said that the stock price of the company has been trading on the higher side.
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