Brazil-based freelancer market GetNinjas has posted BRL 14.3 million ($2.7 million U.S.) in net revenue in the third quarter of 2022, a fall of 13% year on year, but a rise of 7% on the previous quarter.
Its gross profit stood at BRL 12.9 million, down by 12% year on year, but up by 9% from the quarter before. The net loss came to 2.7 million, versus losses of BRL 10.7 million in Q3 2021 and BRL 8.8 million in Q2 2022.
“We have kept the focus on monetizing the professional and client base that we have built in the previous quarters. Even in a very challenging scenario, we have managed to increase revenues and improve profitability,” said GetNinjas, announcing its quarterly results.
The company said it had 1.0 million client requests in Q3 2022, a slide of 7% from 2Q22 and a 23% reduction compared to Q3 2021. Despite the decline, it added that it had increased request monetization and the revenue generated by each request, leading to higher revenue than the previous quarter with lower marketing outlay.
GetNinjas cited the fall in online searches for services, and higher inflation and interest rates as contributing to the adverse scenario it was facing.
Efficiency gains, including more rigorous cost management, were among the factors supporting profitability. “The structural improvements allowed for a higher monetization of requests and increased revenue per request,” said the company.
New strategic partnerships formed during the quarter included Coca Cola (via app My Bar), Ambev (via app BEES), Arbo (Superlógica app) and Supergasbras.
Sao Paolo-based GetNinjas, founded in 2011, calls itself the biggest service marketplace in Brazil, serving more than 4.5 million professionals in 4,000 towns and cities and with more than 5 million requests a year.