By Michael Elkins
Israeli freelancer platform Fiverr International Ltd (NYSE:FVRR) continues to trend downward as the company announces that the platform will be laying off 60 employees (around 8% of its workforce). Half of the cuts will be in Israel, where the company is headquartered, the Israeli website Globes reported.
Fiverr said, "During recent months we decided to focus on our core business and improve the expenditure structure of the company in order to strengthen and ensure continued revenue growth and profitability, while adjusting to macroeconomic changes. This week we have completed a range of additional streamlining measures including the reduction of 60 employees (about half of them in Israel) in the company's offices around the world. We appreciate the work and contribution of these employees to our success and want to thank them for their journey with us. The company will make every effort to assist them in this process and their way ahead."
Fiverr's share price has fallen 89% from its peak in February 2021, following positive momentum during the Covid pandemic. At its peak the company was worth well over $10 billion, while its market cap today is $1.257 billion.