Leading Japanese crowdsourcing company Crowd Works Inc. (TSE: 3900) has succeeded in significantly reducing its losses for the nine months ended June 30, 2019, to Y70.2 million ($663,757 U.S.). This was due to the growing demand for freelance and side jobs, according to the company’s financials.

Crowd Works reported Y168.9 million ($1.6 million U.S.) in net losses for the same period last year. The company’s sales revenue surged 34.5% year-on-year to Y6.5 billion. It recorded Y62.1 million in operating profit in the Oct.-Jun. period as opposed to an operating loss of Y78.9 million a year ago.

Founded in Nov. 2011, Tokyo-based Crowd Works owns and operates a freelance matching platform at CrowdWorks.jp, a career-support service for freelance engineers and designers at CrowdTech.jp, a skill-sharing site at Cyta.jp, and an online billing agency service for freelancers at Feecle.Works. The company also operates a female-centred job-matching service BizAsst Inc. There’s also an information portal for freelancers at Times.

CrowdWorks.jp incurred a Y36.2 million loss during the nine-month period due to increased advertising expenses. The site’s loss was Y12.9 million in the corresponding period a year earlier. Net sales, however, gained 18.5% year-on-year to Y836.5 million with an upturn in the number of contract workers. The number of contract workers increased by 45.5% in the last year to 240,850.

CrowdTech.jp and Cyta.jp registered a 32.5% year-on-year growth in net sales to Y3.5 billion. The segment’s profit amounted to Y74.1 million against a loss of Y67.5 million.

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