Freelancer Limited, a leading global digital services marketplace, has announced its financial results for the fiscal year 2024, showcasing resilience in a challenging market environment. The company reported a Gross Marketplace Value (GMV) of $948.6 million, marking a 7.1% decrease from the previous year, alongside a 4.2% decline in group revenue to $53.1 million. Despite these figures, the latter half of the fiscal year saw significant improvements, including a net profit of $0.2 million and a 9.5% increase in cash and equivalents to $23.2 million.
Strategic investments in artificial intelligence (AI) have been a cornerstone of Freelancer Limited's approach, enhancing marketplace skills, liquidity, and project quality. These advancements have not only positioned AI development as a potential breakthrough sector but also contributed to a 5% improvement in user retention and higher conversion rates. The company's core platforms—Freelancer, Escrow.com, and Loadshift—have remained robust, with Freelancer continuing to lead as the world's largest cloud workforce, connecting over 79 million registered users.
Cost management strategies have also played a critical role in Freelancer Limited's fiscal performance, with operating expenses reduced by 5.8% compared to the previous year. This, combined with a positive operating cash flow of $5.8 million, underscores the company's focus on financial sustainability. Additionally, the fourth quarter saw an 18.6% year-on-year increase in new client deposits, signaling promising trends for customer acquisition and future business expansion.
Looking ahead to fiscal year 2025, Freelancer Limited is well-equipped with substantial cash reserves and strategic technological investments, particularly in AI-driven project development. These assets position the company to seize emerging opportunities in the digital service marketplace, reinforcing its commitment to innovation and growth in the evolving global economy.
