Despite the All Ordinaries (ASX: XAO) being down today, the Airtasker Ltd (ASX: ART) share price is exploding higher.
This comes after the company provided a quarterly business update to the ASX prior to market open.
The online marketplace company's shares are swapping hands at 54 cents apiece, up 12.50%.
In contrast, the broader ASX index is trading at 7,625.6 points, down 1.84%. This follows widespread fears about China's COVID-19 situation.
Airtasker records strong Q3 growth
Investors are bidding up the Airtasker share price following the company's robust performance for the third quarter of FY22.
According to its release, Airtasker reported gross marketplace volume (GMV) of $51.5 million, up 24.9% on the prior corresponding period.
In addition, revenue surged to $8.6 million, an increase of 21.2% over Q3 FY21.
The group achieved a positive operating cash flow of $1 million, with $32.8 million cash in the bank.
Management lauded the result, despite macro headwinds including COVID-19 and weather-related events impacting its major marketplaces.
The bumper performance was driven by investment in new-city-level marketplaces in both the United States and the United Kingdom.
In particular, the United States marketplace grew 90% over the previous quarter as it recorded increased job opportunities (posted tasks).
Across the United Kingdom marketplace, GMV accelerated 138% over the prior comparable period due to season demand.
Airtasker co-founder and CEO, Tim Fung touched on the company's result, saying:
I'm super pleased to share another strong quarter of growth for Airtasker against a backdrop of tough macro impacts including unprecedented rainfall and horrendous flooding.
Posting positive cashflow from operations of $1 million demonstrates the strength of our underlying business model and with a strong balance sheet, I'm excited to continue expanding into new segments of the local services economy in Australia whilst replicating the growth we've seen in our Australian marketplaces across the US and UK.
About the Airtasker share price
Over the past 12 months, the Airtasker share price has lost almost 60%, with year to date down 36%.
It's worth noting that regardless of today's rise, the company's shares hit an all-time low of 46 cents last Thursday.
Based on valuation grounds, Airtasker commands a market capitalisation of roughly $224.79 million.
