One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend. From a technical perspective, Upwork (UPWK) is looking like an interesting pick, as it just reached a key level of support. UPWK recently overtook the 50-day moving average, and this suggests a short-term bullish t ...

SAN FRANCISCO, May 14, 2024 (GLOBE NEWSWIRE) -- Upwork Inc. (NASDAQ:UPWK), the world's work marketplace that connects businesses with independent talent, today released new research from The Upwork Research Institute revealing the ongoing growth of freelancing among Gen Z professionals along with their shifting priorities, expectations, and motivations for work. A staggering 38% of the U.S. workforce, or 64 million Americans, performed freelance work in 2023. More than half (52%) of all Gen Z professionals ...

SAN FRANCISCO, May 09, 2024 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace that connects businesses with independent talent from across the globe, today announced that CFO Erica Gessert will participate in a fireside chat at the Needham Technology, Media & Consumer Conference at The Westin Grand Central Hotel in New York City on Tuesday, May 14, 2024 at 9:45 a.m. PT/12:45 p.m. ET. A live webcast of the fireside chat will be available in the Events and Presentations sect ...

Key PointsUpwork’s Artificial Intelligence and Machine Learning segment saw 50% YoY gross service volume in Q1 2024.Upwork unveiled its AI bot Uma, the Mindful AI, which can more effectively match up businesses with top-qualified freelancers.Upwork beat Q1 2024 EPS by 4 cents as revenues rose 19% YoY and raised full-year 2024 guidance.5 stocks we like better than UpworkUpwork Inc. NASDAQ: UPWK is the largest online freelancer platform in the world, with over 870,000 active clients. The computer and technolo ...

Shares of Upwork (UPWK) have gained 6.3% over the past four weeks to close the last trading session at $12.63, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $18.36 indicates a potential upside of 45.4%.The average comprises 11 short-term price targets ranging from a low of $15 to a high of $22, with a standard deviation of $2.16. While the lowest estimate indicates an increase ...

Start Time: 17:00 January 1, 0000 5:48 PM ET Upwork Inc. (NASDAQ:UPWK) Q1 2024 Earnings Conference Call May 01, 2024, 17:00 PM ET Company Participants Hayden Brown - President and CEO Erica Gessert - CFO David Niederman - VP, IR Conference Call Participants Matt Condon - JMP Securities Matt Bottomley - Canaccord Eric Sheridan - Goldman Sachs Matt Farrell - Piper Sandler John Byun - Jefferies Jake Hallac - Citi Rohit Kulkarni - ROTH MKM Marvin Fong - BTIG Operator Good day, and thank you for standing by. Wel ...

Upwork (UPWK) came out with quarterly earnings of $0.22 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15.79%. A quarter ago, it was expected that this online freelance marketplace operator would post earnings of $0.17 per share when it actually produced earnings of $0.20, delivering a surprise of 17.65%.Over the last four quart ...

Financial Performance - Gross Services Volume (GSV) for the three months ended March 31, 2024, was $1,008,797, a 1% increase from $1,003,345 in the same period in 2023[83] - Total revenue for the three months ended March 31, 2024, was $190,937,000, representing a 19% increase from $160,858,000 in the same period in 2023[108] - Net income for the three months ended March 31, 2024, was $18.4 million, compared to $17.2 million in the same period in 2023, representing a 7% increase[81] - Adjusted EBITDA for the three months ended March 31, 2024, was $33.3 million, a significant improvement from an adjusted EBITDA loss of $2.9 million in the same period in 2023[81] - Gross profit for the three months ended March 31, 2024, was $146,744,000, with a gross margin of 77%, up from 75% in the same period in 2023[112] Revenue Breakdown - Marketplace revenue increased by $27.7 million, or 20%, to $164,330 for the three months ended March 31, 2024, compared to $136,676 in the same period in 2023[80] - Marketplace revenue increased by 20% to $164,330,000, accounting for 86% of total revenue, while Enterprise revenue grew by 10% to $26,607,000, making up 14% of total revenue[109] - The company no longer reports revenue from its Enterprise Solutions offering in Marketplace revenue, aligning with current period presentation[84] Client Metrics - Active clients increased to 872, up 5% from 827 in the same period in 2023[83] - GSV per active client decreased to $4,755 for the three months ended March 31, 2024, down 4% from $4,967 in the same period in 2023[83] Cost Management - Cost-saving measures implemented in 2023 are expected to continue positively impacting net income and adjusted EBITDA in 2024[81] - Sales and marketing expenses decreased by 26% to $47,851,000, reflecting cost-saving measures implemented in 2023[116] - Provision for transaction losses significantly decreased by 86% to $927,000, down from $6,701,000 in the same period in 2023[120] Cash and Securities - As of March 31, 2024, the company had $24.7 million in cash and cash equivalents and $465.9 million in marketable securities[123] - Funds held in escrow, including funds in transit, increased to $222.9 million as of March 31, 2024, up from $212.4 million as of December 31, 2023[130] Share Repurchase and Financing - The company repurchased 5.0 million shares of common stock for $64.8 million at an average price of $12.83 per share during the three months ended March 31, 2024[129] - For the three months ended March 31, 2024, net cash used in financing activities was $56.2 million, primarily due to $66.9 million paid for share repurchases[142] - The company had $33.1 million available for repurchases under the Share Repurchase Program as of March 31, 2024[129] Future Outlook - The company expects continued growth in Marketplace revenue and take rate in 2024, driven by new and modified offerings[110] - The company anticipates that the balances of escrow funds will grow as Gross Services Volume (GSV) increases[130] - The company may need to raise additional capital through equity or debt financing, which could dilute existing stockholders' interests[126] - The company expects annual interest expense related to the Notes to be $2.7 million through 2025 and $1.8 million in 2026[127] Cash Flow - For the three months ended March 31, 2024, net cash provided by operating activities was $5.7 million, compared to a net cash used of $8.7 million for the same period in 2023[137][139] - For the three months ended March 31, 2024, net cash provided by investing activities was $6.1 million, primarily from maturities and sales of marketable securities[140]

Revenue Growth - First-quarter revenue grew 19% year-over-year to $190.9 million, with a marketplace take rate of 17.7% compared to 14.7% in the same quarter last year[3]. - Revenue from ads and monetization products grew 93% year-over-year, marking it as Upwork's fastest-growing revenue stream[8]. - The company raised its full-year revenue outlook to $770 million to $782 million, up from a previous range of $760 million to $780 million[10]. Profitability - First-quarter GAAP net income was $18.4 million, an increase from $17.2 million in the first quarter of 2023, with diluted EPS of $0.13 compared to a loss of $(0.15) in the prior year[3]. - Adjusted EBITDA for the first quarter was $33.3 million, a significant improvement from an adjusted EBITDA loss of $(2.9) million in the same quarter last year[3]. - Adjusted EBITDA for Q1 2024 reached $33.3 million, up from $30.5 million in Q1 2023, reflecting a growth of approximately 6.1%[36]. Cash Flow - Cash provided by operating activities was $5.7 million in the first quarter, compared to cash used of $(8.7) million in the same quarter last year[8]. - Free cash flow for Q1 2024 was $2.99 million, a significant improvement from a negative $11.56 million in Q1 2023[38]. - Adjusted free cash flow for Q1 2024 was $15.52 million, compared to a negative $11.56 million in Q1 2023, indicating a turnaround in cash generation[38]. Client Growth - Active clients increased by 5% year-over-year to over 872,000, with enterprise revenue growth accelerating to 10% year-over-year[3][8]. Expenses and Efficiency - Total operating expenses for Q1 2024 were $133.7 million, a decrease from $145.5 million in Q1 2023, representing a reduction of approximately 8.5%[34]. - Total revenue as a percentage of total operating expenses (GAAP) was 30% in Q1 2024, compared to 10% in Q1 2023, indicating improved operational efficiency[34]. Equity and Assets - Total assets decreased from $1,037,541 thousand as of December 31, 2023, to $1,000,819 thousand as of March 31, 2024, a decline of approximately 3.5%[23]. - Total stockholders' equity decreased from $381,075 thousand to $348,876 thousand, a decline of approximately 8.4%[23]. Research and Development - Research and development expenses increased to $52,916 thousand in Q1 2024 from $44,481 thousand in Q1 2023, an increase of 19%[33]. Stock and Debt - The company repurchased common stock amounting to $66,876 thousand during Q1 2024[25]. - The company recognized a gain of $38.9 million on the early extinguishment of debt during Q1 2023, which positively impacted net income[36]. Earnings Per Share - Basic earnings per share (GAAP) for Q1 2024 was $0.14, slightly up from $0.13 in Q1 2023[34]. - Diluted earnings per share (Non-GAAP) for Q1 2024 was $0.22, compared to a loss of $0.01 in Q1 2023, marking a significant recovery[34].

SAN FRANCISCO, April 30, 2024 (GLOBE NEWSWIRE) -- Upwork (NASDAQ:UPWK), the world's work marketplace that connects businesses with independent talent, today unveiled a collection of products, features and partnerships to transform how businesses and professionals hire and work, as part of Upwork Updates: Spring 2024, Upwork's new semi-annual product showcase. Introducing Uma, Upwork's Mindful AIThe Spring 2024 Update is headlined by Uma, Upwork's Mindful AI. Developed on top of industry-leading large langua ...