Shares in online jobs marketplace Freelancer Ltd (ASX: FLN) dropped 3.4% to $1.70 today after the business revealed positive EBITDA of $0.1 million on revenues of $26.2 million for the six-month period ending June 30 2016.

The revenue was up 56% over the prior corresponding half with operating cash flow of $4.5 million more than quadruple the result posted in the prior corresponding half. The balance sheet is healthy with cash and cash equivalents of $35.2 million as at June 30 2016.

As the name suggests Freelancer.com connects freelance workers and employers across its online marketplace to perform contracted tasks often related to the fast-growing digital economy. These could include website design and development, SEO tasks, or social media marketing and Mobile App development for example.

Unsurprisingly, the business is growing strongly across all its core operating metrics such as registered users, gross project volumes, revenues and operating cash flow. To date the business says it has 20 million registered users who have posted 9.6 million different projects and contests.

Given the digital tailwinds, global growth horizons and capital light, scalable business model the market is valuing the business at more than $800 million, despite the fact it is yet to post a net profit. However, it’s cash flow positive and growing the top line remains the name of the game for a business that has previously compared itself to US$345 billion digital giant Amazon.com.

Freelancer is right not to be too worried about chasing profits for now as Amazon has shown the key to success in the website space is building a powerful network effect by virtue of having far more tradable products and services than rival websites. After all websites are easy to build and this ipso facto is why Freelancer has managed to grow so quickly. However, only the most popular websites will succeed as long-term commercial operations and Freelancer has dozens of rivals in the form of US giant Upwork.com, while Guru.com, Entrepreneur.com and ifreelance.com are among many others.

Despite the competitive environment Freelancer remains one of the ASX’s hottest junior tech stocks alongside the likes of Appen Ltd (ASX: APX), Aconex Ltd (ASX: ACX) and Touchcorp Ltd (ASX: TCH).

Freelancer is taking a long-term approach in not chasing profitability to impress a short-term focused market and with growth accelerating it remains an exciting prospect. I expect it will continue to perform well, although the frothy valuation means this is one stock I am content to watch from the sidelines for now.

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Motley Fool contributor Tom Richardson has no position in any stocks mentioned.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.