The Freelancer Ltd (ASX: FLN) share price is up more than 7% in early trade after delivering its March 2019 quarter report.
Freelancer operates the world’s largest freelancing and crowdsourcing marketplace by total number of users and jobs posted. It also operates a large escrow service.
Freelancer’s Record Quarter
The business generated record cash receipts of $14 million for the March 2019 quarter, which was 15.8% higher than the March 2018 quarter.
Freelancer Group also saw gross payment volume of $204.3 million, which was an increase of 25.6%, and was another record.
The Freelancer division saw gross payment volume growth of 14.2% to $45.9 million and the Escrow segment grew gross payment volume by 29.2% to $158 million. Excluding China, Escrow’s gross payment volume was $150 million, which represents growth of 45.1%.
Overall, this helped Freelancer achieve positive operating cash flow in the March 2019 quarter of $2 million and the company ended with cash and cash equivalents of $35.1 million, which was $1.9 million higher than at the end of December 2018.
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