Fiverr’s third quarter results reflected a mix of progress and challenges, with the market reacting negatively to the report. Management attributed revenue growth and improved margins to the company’s ongoing strategy of moving upmarket and investing in product innovation, particularly for complex, higher-value projects. CEO Micha Kaufman highlighted that spend per buyer grew at its fastest rate since the pandemic, underpinned by strong adoption of dynamic matching and managed services, which target larger business clients. At the same time, management acknowledged uneven macroeconomic conditions and softness in active buyer trends, noting that declines in the small and medium business (SMB) segment continued to weigh on overall marketplace performance.

Is now the time to buy FVRR? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Fiverr’s Q3 Earnings Call

• Jake at Citi asked how Fiverr’s AI-first marketplace vision would improve buyer experience and matching. CEO Micha Kaufman explained that AI would enable more precise matching and orchestration for complex projects, leading to higher satisfaction and larger engagements.

• Jason Helfstein (Oppenheimer) questioned whether the company’s reorganization signals a permanent shift away from SMBs. CFO Ofer Katz responded that guidance assumes no SMB recovery, and growth is expected from upmarket clients and services.

• Douglas Anmuth (JPMorgan) inquired about necessary AI-related investments for 2026. Kaufman said focus would be on hiring AI-native talent, upgrading infrastructure, and enhancing marketplace matching and project management capabilities.

• Matthew Condon (Citizens) asked about confidence in returning the marketplace to growth. Kaufman stated that as AI-driven and upmarket projects grow, they will eventually become the primary business driver, though this transition will take time.

• Marvin Fong (BTIG) sought insights on AI’s impact across Fiverr’s major verticals and expansion opportunities. Kaufman highlighted strong growth in programming, tech, digital marketing, and video, with ongoing investments in product features to address additional business use cases.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) signs of stabilization or growth in active buyer metrics, (2) the pace of adoption and monetization for AI-driven and upmarket services, and (3) Fiverr’s ability to sustain margin improvements while reinvesting in new product initiatives. Execution on the AI-first roadmap and resilience in the face of SMB headwinds will be critical to future performance.

Fiverr currently trades at $22.44, up from $21.62 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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