Freelancer - Escrow drives strong volume growth in Q324
Freelancer’s Q324 business update confirmed an increase in gross marketplace volume (GMV) of 26% y-o-y, boosted by a US$50m Escrow.com transaction during the quarter. Operating cash inflow more than doubled over the year, resulting in a small sequential increase in cash to A$21.7m. The company noted that it generated a profit after tax for the quarter. While the Freelancer division saw a decline in GMV and cash receipts in Q3, the company has started to see encouraging signs that its efforts in both customer retention and customer acquisition are paying off.Freelancer is a for-profit entity and primarily is involved in operating an online marketplace for services and providing escrow payment services.
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