Upwork Today | --- | --- | --- | --- | |---------------------|-------|-------|-------| | | | | | | | | | | | UPWK | | | | | Upwork | | | | | $13.55 | | | | | +0.98 (+7.80%) | | | | | 52-Week Range $8.43 | | | | | ▼ | | | | | $16.36 | | | | | P/E Ratio | | | | | 24.64 | | | | | Price Target $15.27 | | | | | | | | | Add to Watchlist The world's largest digital freelance platform, Upwork Inc. NASDAQ: UPWK, took proactive measures ahead of its upcoming third quarter of 2024 earnings release due out Nov. 6, 2024 ...

Core Insights - Upwork's shares have surged nearly 23% week to date, driven by positive preliminary third-quarter results, a restructuring plan, and a bullish analyst note [1][2]. Financial Performance - Upwork anticipates third-quarter sales of approximately $194 million, exceeding previous guidance of $184 million and consensus estimates of over $182 million [2]. - The company forecasts a net income of $28 million for the quarter, indicating strong financial performance [2]. Restructuring and Workforce Changes - Upwork plans to implement significant workforce reductions, affecting around 21% of its staff, which is expected to lower annual costs by roughly $60 million [2]. - The restructuring initiative aims to create a more efficient and profitable company [1][4]. Analyst Perspective - Canaccord Genuity analyst Maria Ripps has maintained a buy recommendation with a price target of $15 per share, viewing the preliminary results and restructuring as a commitment to meaningful growth [3].

The manic-depressive Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, heAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving com ...

Upwork (UPWK) shares rallied 26.7% in the last trading session to close at $12.73. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.6% loss over the past four weeks.Upwork is benefiting from an enhanced enterprise strategy, strong demand for its services, and advancements in AI innovation. As a result, the company has increased its guidance to $194 million for its preliminary third-quarter 2024 results, surp ...

Upwork just published preliminary Q3 results and major restructuring news -- and Wall Street is feeling very bullish about the update.Upwork (UPWK 21.74%) stock is soaring in Wednesday's trading following the publication of preliminary third-quarter results. The gig-economy specialist's share price was up 22.6% as of 11 a.m. ET.Upwork published preliminary Q3 results before the market opened this morning, reporting performance that came in ahead of the market's expectations. In addition to the better-than-a ...

Approximately $60 million in annual cost savings advances Upwork toward 5-year profitability target Company expects to exceed revenue and adjusted EBITDA guidance for third quarter 2024 results SAN FRANCISCO, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK) (“Upwork” or the “Company”), the world’s work marketplace that connects businesses with independent talent across the globe, today announced a more streamlined organizational structure and operational changes to continue the Company’s profita ...

Core Viewpoint - Upwork Inc. will report its financial results for Q3 2024 on November 6, 2024, after market close, followed by a Q&A conference call [1] Company Overview - Upwork is the world's largest work marketplace connecting businesses with independent talent globally, serving a range of clients from startups to Fortune 100 companies [3] - In 2023, the talent community on Upwork earned over $3.8 billion across more than 10,000 skills in various categories including website & app development, creative & design, data science & analytics, customer support, finance & accounting, consulting, and operations [3] Investor Relations - A live webcast of the Q&A conference call will be available on Upwork's Investor Relations website, with an audio replay accessible for one week post-call and archived for approximately one year [2] - Investor Relations contact is Samuel Meehan, Vice President of Investor Relations [4] - Media contact is Rachel Durfee, Vice President of Communications [4]

Group 1 - The global freelance platforms market is experiencing growth driven by the increasing need for change in employee hiring processes and the emergence of remote work culture [1] - The market size for freelance platforms is expected to grow significantly, indicating a shift in employment dynamics [1] Group 2 - The investment strategy discussed combines fundamental analysis with options trading, focusing on various investment styles such as income-oriented, growth at a reasonable price, deep value, and dividend aristocrats [1] - The analyst employs 20-25 different options strategies for purposes including hedging, bullish substitutes, neutral trades, trading volatility, and earnings-related trades [1]

SAN FRANCISCO, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world's work marketplace that connects businesses with independent talent across the globe, today released its latest Work Innovators Report, revealing that companies integrating distributed work (remote, hybrid, and geographically dispersed models), flexible talent strategies (such as freelancers or contractors), and advanced technology (like AI or automation) are achieving better financial results compared to their peers. The ...

SAN FRANCISCO, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world's largest work marketplace that connects businesses with independent talent across the globe, today issued the following statement in response to a letter from Engine Capital to Upwork's Board of Directors: Upwork's Board of Directors and management team maintain an open dialogue with and value constructive input from investors. We continually evaluate options to enhance value and are committed to acting in the best inte ...