Freelancer Limited Reports Resilient Performance in FY24 with Strategic AI Integration
TL;DR
Freelancer Limited delivered $948.6 million GMV in FY24, positioning for growth with 18.6% increase in new client deposits.
Freelancer Limited achieved 2H24 profitability with cost efficiencies and AI integration, reducing operating costs by 5.8% compared to FY23.
Freelancer's strategic AI integration enhances marketplace skills, liquidity, and quality, setting the stage for future growth and better services.
Freelancer Limited, a mini Amazon of services, connects 79 million users globally, paving the way for innovative projects and seamless solutions.
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Freelancer Limited reported its fiscal year 2024 financial results, revealing a nuanced performance marked by strategic advancements and operational efficiency. The company's Gross Marketplace Value (GMV) reached $948.6 million, representing a 7.1% decrease from the previous year, with group revenue at $53.1 million, down 4.2%.
Despite the revenue decline, Freelancer achieved notable milestones in the second half of the fiscal year. The company reported a positive net profit of $0.2 million in 2H24, driven by cost efficiencies and strong cash generation. Operating cash flow excluding foreign exchange losses improved to $5.8 million, compared to $1.9 million in the previous comparable period.
A significant highlight of the year was the company's strategic AI integration, which delivered tangible benefits across its marketplace. The technology enhanced skills, marketplace liquidity, and project quality, positioning AI development as a potential next major project wave following web and mobile platforms. This innovation contributed to a 5% improvement in user retention and increased conversion rates.
Freelancer's customer acquisition also showed promising growth, with new client deposits increasing 18.6% year-on-year in the fourth quarter. The company reduced operating costs by 5.8% compared to the previous fiscal year, reflecting ongoing efforts to optimize operational efficiency.
With cash reserves of $23.2 million—a 9.5% increase from the first half of the year—and a positive cash flow of $0.8 million, Freelancer appears well-positioned for potential expansion in fiscal year 2025. The company continues to leverage its ecosystem connecting over 79 million registered users across its platforms: Freelancer, Escrow.com, and Loadshift.
Curated from News Direct
