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Here’s Why The Freelancer (ASX:FLN) Share Price Has Jumped 7%

The Freelancer Ltd (ASX:FLN) share price is up more than 7% in early trade after delivering its March 2019 quarter report. 

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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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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