Key points
- Airtasker’s growth accelerated in the second quarter
- Strong demand experienced as lockdowns eased
- Management has upgraded its second half guidance
The Airtasker Ltd (ASX: ART) share price has been on fire on Monday morning following the release of its second quarter update.
At the time of writing, the online local services marketplace provider’s shares are up 17% to 75 cents.
Airtasker share price rockets on Q2 update
- Gross marketplace volume (GMV) up 39% quarter on quarter to $48.6 million
- Record weekly GMV run rate of $4.5 million achieved in December
- UK GMV up 121% over the prior corresponding period and US posted task growth of 71% quarter on quarter
- Second quarter revenue up 37.5% quarter on quarter to $8.1 million
- Second half GMV guidance upgraded to $107 million to $110 million
What happened during the quarter?
Airtasker had a strong second quarter, with GMV increasing 39% quarter on quarter to $48.6 million after the easing of lockdowns. Management notes that year on year customer acquisition rose 2.1% in October, 6.6% in November, and then 8.9% in December. This was complemented by a 24% increase in quarterly average task price over the prior corresponding period to $255.
In light of this strong quarter, management has upgraded its GMV guidance for the second half from $105 million to between $107 million and $110 million. This will represent full year GMV of $191 million to $194 million, which will be an increase of 25% to 27% over FY 2021’s GMV of $153.1 million.
Management commentary
Airtasker’s Co-Founder and CEO, Tim Fung, was pleased with the quarter.
He said: “The strong performance this quarter demonstrates the robust and resilient underlying growth of the Airtasker marketplace. Based on our current growth trajectory, a clear outlook on no further lockdowns and an exciting product and marketing roadmap – we’re super pleased to be upgrading our H2 guidance for FY22.”
The post Why the Airtasker (ASX:ART) share price is rocketing 17% higher today appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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