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 ...

Wall Street analysts expect Upwork (UPWK) to post quarterly earnings of $0.19 per share in its upcoming report, which indicates a year-over-year increase of 2000%. Revenues are expected to be $186.71 million, up 16.1% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings release, it is of utmos ...

Upwork (UPWK) is set to release first-quarter 2024 results on May 1.For the first quarter of 2024, Upwork anticipates revenues between $183 million and $188 million. The Zacks Consensus Estimate for the same is currently pegged at $186.71 million, implying 16.07% growth from the year-ago period's level.Non-GAAP earnings are expected in the range of 17-19 cents per share. The Zacks Consensus Estimate for earnings has remained unchanged at 19 cents per share over the past 30 days, indicating growth of 2,000% ...

In the latest market close, Upwork (UPWK) reached $11.37, with a +1.25% movement compared to the previous day. The stock exceeded the S&P 500, which registered a gain of 1.2% for the day. Meanwhile, the Dow gained 0.69%, and the Nasdaq, a tech-heavy index, added 1.59%.Shares of the online freelance marketplace operator witnessed a loss of 9.44% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 6.83% and the S&P 500's loss of 4.16%.Investors will be eage ...

In the latest trading session, Upwork (UPWK) closed at $11.23, marking a +0.9% move from the previous day. This move outpaced the S&P 500's daily gain of 0.87%. On the other hand, the Dow registered a gain of 0.67%, and the technology-centric Nasdaq increased by 1.11%.The online freelance marketplace operator's stock has dropped by 9.51% in the past month, falling short of the Computer and Technology sector's loss of 5.98% and the S&P 500's loss of 3.97%.Analysts and investors alike will be keeping a close ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Upwork (UPWK) .Upwork currently has an average brokerage recommendation (ABR) of 1.82, on a sca ...

SAN FRANCISCO, Calif., April 17, 2024 (GLOBE NEWSWIRE) -- Upwork (NASDAQ:UPWK), the world's work marketplace that connects businesses with independent talent, today announced Upwork Partners, a new program for companies to establish partnerships with Upwork that highlight skilled independent professionals on Upwork to serve their customers' most pressing business needs, as well as connect freelancers with industry-leading tools that supercharge productivity and improve work quality. Initially, Upwork Partne ...

The most recent trading session ended with Upwork (UPWK) standing at $12.10, reflecting a +1.85% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.15%. Elsewhere, the Dow saw a downswing of 0.02%, while the tech-heavy Nasdaq appreciated by 0.32%.The online freelance marketplace operator's shares have seen a decrease of 7.19% over the last month, not keeping up with the Computer and Technology sector's gain of 1.32% and the S&P 500's gain of 1.65%. ...

SAN FRANCISCO, April 04, 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 it will report its financial results for the first quarter of 2024 on Wednesday, May 1, 2024 after market close. The company will host a Q&A conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. A live webcast of the call will be available on the Upw ...