Israeli freelancer platform Fiverr (NYSE: FVRR) has announced that it is laying off 60 employees, half of them in Israel. At the end of 2021, the company had 787 employees of whom 580 were in Israel, meaning that it is laying off 8% of its work force.
Fiverr’s share price has fallen 89% from its peak in February 2021, after it enjoyed a positive momentum during the Covid pandemic. At its peak the company was worth well over $10 billion, while its market cap today is just $1.257 billion. The company’s share price is currently down 7% at $33.87.
Two months ago when Fiverr published its first quarter results, the company cut its 2022 revenue forecast due to the macroeconomic outlook and uncertainty to $345-365 million, still up 23% from 2021, compared with its previous expectation of 27% growth. Fiverr is led by cofounder and CEO Micha Kaufman.