The Top 5 Analyst Questions From Fiverr's Q4 Earnings Call

Fiverr’s fourth quarter was met with a negative market reaction as the company’s revenue missed Wall Street expectations, while non-GAAP profitability surpassed estimates. Management attributed the performance to a deliberate shift away from lower-value, transactional projects, which continue to decline as AI automates simpler tasks. CEO Micha Kaufman described this transition as essential to repositioning Fiverr for more complex, high-value engagements, noting, “There will be displacement in lower value transactional work…At the same time, demand for higher value specialized work is accelerating at a healthy double-digit rate.”

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 Q4 Earnings Call

• Ronald Josey (Citi) asked how investments in product, go-to-market, and matching will unfold over the multi-quarter transition. CEO Micha Kaufman explained that resources will focus on high-value projects and AI-native use cases, deprioritizing low-end transactions.
• Eric Sheridan (Goldman Sachs) questioned how deprioritizing the low end will manifest in financials and operating expenses. Kaufman responded that declines in low-skill services will continue, but core profitability will be protected through financial discipline.
• Bernard Jerome McTernan (Needham) inquired about post-transformation margin profiles and the ongoing relevance of Fiverr Go. CFO Ofer Katz said short-term margin pressure is expected, but anticipates long-term EBITDA recovery; Go’s features are being integrated into the broader platform.
• Marvin Fong (BTIG) sought clarity on when high-value work will drive the majority of marketplace GMV and how enterprise go-to-market channels will evolve. Kaufman indicated a gradual mix shift with early signals expected over the coming quarters, supported by expanding proof-of-concept partnerships with AI model companies.
• Bradley D. Erickson (RBC) asked about the disconnect between new business formations and Fiverr’s performance. Kaufman noted that early-stage companies impact only a small portion of the catalog, while Ofer Katz said structural changes in sales and marketing spending are not anticipated.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will monitor (1) early signs that high-value projects and AI-native services are accelerating gross merchandise value, (2) evidence of enterprise client adoption and recurring work through new product features and partnerships, and (3) the timeline and effectiveness of platform upgrades in matching and fulfillment. The pace of the marketplace mix shift and management’s ability to maintain financial discipline during this transformational period will also be closely watched.

Fiverr currently trades at $10.99, down from $13.10 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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