Airtasker lifts outlook guidance as revenue beats prospectus forecast
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The Airtasker (ASX:ART) share price has shot up by more than 8 per cent today, after reporting that its Q3 results were ahead of prospectus forecast.
Investors were happy after learning that the company’s quarterly result has delivered more than the expected 50 per cent of the half-year prospectus forecast.
For the quarter, Airtasker’s GMV (gross merchandise value), which is essentially the total value of jobs transacted on its platform, has reached 57.9 per cent of the 2H FY21 prospectus forecast of $71.3 million.
Based on this figure, the company now expects the full year GMV will come in at $148-$152 million, instead of the $143.7 million in the prospectus forecast.
Revenue has also outperformed for the quarter. The company delivered $7.1 million of revenue, which makes up 59.7 per cent of the 2H FY21 prospectus forecast of $11.9 million.
As a result, Airtasker has also upgraded its revenue forecast to $25.5-$26.0 million, from the $24.5 million it previously forecast in the prospectus.
On the expense side, the company’s costs have decreased, allowing for a $2.1 million of positive cash flow for the quarter. This figure already includes the $484k of outflow it incurred for the IPO.
Airtasker, a gig economy jobs marketplace, made its ASX debut in March after raising $83.65 million in the IPO at 65 cents a share.
The company cited a study estimating by 2025 such markets can add US$2.7 trillion to global GDP through factors such as increased labour market participation and increased productivity.
The platform boasts a marketplace of more than 4.3 million, and creates a new work opportunity approximately every 17 seconds.
Since launching in 2021, Airtasker said that it has more than 1 million unique paying customers, and enabled $1 billion in working opportunities.
Since the IPO, the share price has more than doubled, and is changing hands at $1.39 today.