We came across a bullish thesis on Upwork Inc. on High Growth Investing’s Substack by Stefan Waldhauser. In this article, we will summarize the bulls’ thesis on UPWK. Upwork Inc.'s share was trading at $19.74 as of November 28th. UPWK’s trailing and forward P/E were 11.34 and 14.01 respectively according to Yahoo Finance. Charts Upwork Inc., together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India ...

Companies turn to independent professionals to power digital operations with human touch, but skill gaps loom as a top challenge for 39% of businesses heading into 20261 PALO ALTO, Calif., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s human and AI-powered work marketplace, today released its Monthly Hiring Report for November, finding that amid the race to scale AI systems, demand is rising for human-centered skills to reinforce work quality, uplevel communication and creativity, ...

Core Insights - Upwork is an online marketplace that connects freelancers with small and medium-sized businesses (SMBs) and enterprise clients globally [1] Company Overview - Upwork's CFO, Erica Gessert, participated in a conference, indicating the company's engagement with investors and stakeholders [1] - The company operates in the business services sector, focusing on facilitating freelance work [1]

Upwork Conference Call Summary Company Overview - **Company**: Upwork (NasdaqGS: UPWK) - **Industry**: Online freelance marketplace connecting freelancers with SMB and enterprise clients globally - **Key Speaker**: Erica Gessert, CFO Key Points Company Introduction - Upwork is described as the world's human and AI work marketplace, connecting global talent with businesses of all sizes, offering over 130 job types and thousands of skills [7][8] GSV Growth Trajectory - Upwork experienced a return to Gross Services Volume (GSV) growth after a period of stagnation, attributed to investments in three key growth catalysts: AI, SMB growth, and enterprise strategy [8][9] - GSV growth was previously negative due to post-pandemic adjustments in the human capital industry, while Upwork remained relatively flat [8] AI Growth Opportunities - The AI category on Upwork's platform is currently at a run rate of approximately $300 million, growing over 50% annually [10] - AI is enhancing the hiring experience by automating job postings and proposals, leading to a $100 million GSV lift in 2025 [11] - Substitution effects from AI were noted in writing and translation jobs, with lower-value jobs ($300 and less) decreasing from 5% to 3.5% of total volume [14][15] SMB and Enterprise Strategy - Upwork is focusing on the SMB category, with a new Business Plus product that has seen a 36% year-over-year GSV growth [21] - The enterprise strategy aims to capture a larger share of the contingent labor market, previously accessing only 10% of enterprise spending [26] - Recent acquisitions (Ascend and Bubty) are expected to enhance Upwork's offerings in the enterprise market, targeting a $650 billion total addressable market (TAM) [27] Financial Guidance - Upwork guided for 4%-6% GSV growth in 2026, following a 2% growth in Q3 2025, indicating a positive inflection point [32][33] - The company anticipates 7%-9% GSV growth for the subsequent three years, driven by AI and enterprise strategies [33] Take Rate and Revenue Strategy - Upwork's current take rate is approximately 19.6%, which is lower than industry averages, indicating potential for growth [46] - The Business Plus product has a higher take rate of 10%, contributing to both volume and revenue growth [46] Margin Improvement - Upwork has improved its margins from 11% two years ago to just under 29% currently, with ongoing optimization efforts [57][58] - The business is characterized as having an 80% gross margin, with further cost optimization opportunities available [59] Competitive Landscape - Upwork differentiates itself by offering a global talent pool of 18 million freelancers, enabling labor arbitrage for enterprises [63][65] - The platform specializes in longer-term, complex projects, contrasting with competitors like Fiverr, which focus on lower-value transactions [76] Capital Allocation - Upwork is actively engaging in capital allocation strategies, including organic investments, acquisitions, and stock buybacks to reduce share count [78] Conclusion - Upwork is positioned for growth through strategic investments in AI, SMB, and enterprise markets, with a strong focus on improving GSV and margins while navigating macroeconomic challenges [31][66]

Core Insights - Upwork generates revenue primarily through service fees charged to clients and freelancers for facilitating talent sourcing, contracting, collaboration, and payment processing on its platform [1] - The company operates as a leading online staffing and employment services platform, leveraging technology to streamline remote talent engagement for businesses worldwide [7] Stock Performance - Upwork shares closed at $19.58 on November 26, 2025, with a one-year total return of 16.3% as of the transaction date [2] - The stock hit a 52-week high of $20.54 in September, indicating a favorable market position at the time of the CEO's sale [8] Insider Transactions - CEO Hayden Brown sold 350,000 shares on November 25 and 26, 2025, representing 33.4% of her direct holdings prior to the transaction [6][5] - After the sale, Ms. Brown retained 697,894 shares valued at approximately $13.7 million, accounting for 0.53% of Upwork's outstanding shares [4] Financial Performance - Upwork reported record quarterly revenue of $201.7 million in Q3 2025, a 4% year-over-year increase, with net income rising 6% year-over-year to $29.3 million [9] - The company expects full-year 2025 revenue to range between $782 million and $787 million, an increase from 2024's $769.3 million [10] Valuation Metrics - Upwork's price-to-earnings ratio is about 11, indicating that shares are on the pricey side, which may have influenced the CEO's decision to sell [11]

Group 1 - SanDisk (SNDK.US) will join the S&P 500 index on November 28, 2025, replacing IPG Photonics (IPG.US) [1] - PTC Therapeutics (PTCT.US) will replace SanDisk in the S&P SmallCap 600 index on the same date [1] - Upwork (UPWK.US) will take the place of Premier (PINC.US) in the S&P SmallCap 600 index on November 28 [1] Group 2 - Patient Square Capital's acquisition of Premier is expected to be completed by November 25 [1] - First Interstate BancSystem (FIBK.US) will replace Hanesbrands (HBI.US) in the S&P SmallCap 600 index on December 2 [1] - Gildan Activewear (GIL.US) is expected to complete its acquisition of Hanesbrands by December 1 [1]

Core Points - S&P Dow Jones Indices announced changes to the S&P 500 and S&P SmallCap 600 indices, effective November 28, 2025 [1][4] - The changes include the addition and deletion of several companies, reflecting ongoing market dynamics and corporate acquisitions [1][4] Group 1: S&P 500 Changes - Sandisk (SNDK) will be added to the S&P 500, replacing Interpublic Group (IPG), which is being acquired by Omnicom Group (OMC) [1][4] - The acquisition of Interpublic Group is expected to close soon, pending final conditions [4] Group 2: S&P SmallCap 600 Changes - Upwork (UPWK) will replace Premier Inc. (PINC) in the S&P SmallCap 600, with Premier being acquired by Patient Square Capital [1][4] - PTC Therapeutics (PTCT) will replace Sandisk in the S&P SmallCap 600, following Sandisk's addition to the S&P 500 [1][4] - First Interstate BancSystem (FIBK) will replace Hanesbrands (HBI) in the S&P SmallCap 600, with Gildan Activewear acquiring Hanesbrands [1][4]

Core Insights - Upwork is optimistic about its future, emphasizing the excitement for customers, employees, and shareholders [1] Group 1: Company Overview - The company is hosting its 2025 Investor Day to discuss significant opportunities and strategies for long-term shareholder value [2] - The CFO highlights the importance of the event and the positive outlook for the company [1] Group 2: Forward-Looking Statements - The company will be making forward-looking statements during the event, which are subject to various risks and uncertainties [2] - Non-GAAP financial measures will be shared, with reconciliations provided in the presentation materials [2]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article highlights that users may face access issues if they have an ad-blocker enabled, suggesting the need to disable it for uninterrupted service [1]

Core Insights - Upwork's stock has shown significant improvement in its Relative Strength (RS) Rating, achieving a score of 80, which indicates strong technical performance [1][4] - The stock has recently been upgraded to an RS Rating of 85, reflecting its rising price performance and market leadership [2][4] Company Performance - Upwork has met the benchmark of an 80-plus RS Rating, placing it among stocks with strong relative strength [4] - The company has demonstrated improved price strength, as indicated by its RS Rating climbing to 79 before the recent upgrade [4]