The online employment marketplace posted solid third-quarter results.Shares of Upwork (UPWK 12.45%) were moving higher today after the online employment marketplace posted better-than-expected results in its third-quarter earnings report.As of 12:43 p.m. ET, the stock was up 13%. Upwork impresses in Q3Revenue in the third quarter rose 10% to $193.8 million, which easily beat the consensus at $185.9 million.Active clients rose 2% to 855,000, and the company drove growth with new artificial intelligence (AI) ...

Upwork Inc. UPWK reported better-than-expected third-quarter results after Wednesday’s closing bell.Upwork reported quarterly earnings of 29 cents per share, which beat the analyst consensus estimate of 26 cents. Quarterly revenue came in at $193.8 million, which beat the analyst consensus estimate of $185.85 million and is an increase over sales of $175.73 million from the same period last year.The company also announced a $100 million share repurchase program."Upwork continues to seize the tremendous mark ...

Financial Data and Key Metrics Changes - Third quarter revenue grew 10% year-over-year to $193.8 million, driven by slight top-of-funnel improvements and growth in Managed Services and ads products [9][36] - Net income reached a record high of $27.8 million, with adjusted EBITDA also at a record of $43.2 million, reflecting a commitment to profitability [10][43] - Gross margin increased to 78%, and adjusted EBITDA margin reached 22%, demonstrating progress towards a long-term goal of 35% adjusted EBITDA margin [34][36] Business Line Data and Key Metrics Changes - Marketplace revenue was $167.3 million, a 12% increase from $149.6 million in the same quarter last year [37] - Enterprise revenue slightly grew to $26.4 million, with a focus on the Business Plus plan expected to enhance future revenue recognition [37] - Managed Services revenue grew 5% year-over-year, indicating steady demand for outcome-based delivery [38] Market Data and Key Metrics Changes - Active client base grew 2% year-over-year to 855,000, with increased GSV per active client across all business segments [39] - Marketplace take rate reached a record high of 18.3%, driven by growth in ads and monetization [40] Company Strategy and Development Direction - The company is focused on enhancing profitability and innovation, particularly in AI, while executing a strategy to drive revenue and margin expansion [8][19] - Organizational changes are expected to generate $60 million in annualized cost savings, aligning operations with strategic goals [11][35] - The launch of Business Plus aims to serve larger clients more effectively, bridging the gap between Marketplace and Enterprise offerings [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding macroeconomic pressures, including low new tech job levels and inflation affecting corporate spending [52][53] - Despite challenges, the company remains committed to durable, profitable growth and expanding its AI capabilities [54] - The fourth quarter guidance anticipates revenue between $178 million to $183 million, reflecting cautious optimism based on recent trends [46] Other Important Information - The company announced a new $100 million share repurchase authorization, indicating confidence in its financial position [45] - The acquisition of Objective, an AI-native search-as-a-service company, is expected to enhance search and match performance [24][75] Q&A Session Summary Question: Insights on Q4 guidance and key factors for GSV reacceleration - Management noted improvements in top-of-funnel trends but remains cautious about year-over-year GSV growth, forecasting steady state rather than an upswing [57][58] Question: Details on freelancer services to promote listings - The company highlighted existing features like boosted profiles and proposals, which enhance visibility and are expected to contribute to take rate growth [59][60] Question: Focus on engineering and product resources - Management emphasized a disciplined approach to resource allocation, focusing on five growth levers and enhancing AI capabilities [66][68] Question: Cost structure and growth towards EBITDA margin target - The organizational realignment is part of a multi-quarter cost management strategy, with expectations for significant cost savings to benefit adjusted EBITDA next year [70][71] Question: Details on the acquisition of Objective - Objective is expected to enhance search and match capabilities, building on previous successful acquisitions to advance the AI strategy [73][74] Question: Advertising spend and customer acquisition strategy - The company plans to maintain high ROI marketing investments while adjusting non-working marketing spend [80] Question: Performance divergence between smaller and larger customers - GSV per client increased across all segments, with relative strength noted in very small businesses compared to larger segments [81][82] Question: Managed Services traction and customer demand - The company has seen increasing demand for Managed Services, supported by enhanced capabilities and AI enablement [85] Question: Business Plus plan and its market positioning - Business Plus is designed to serve a broader range of clients, providing a smoother transition to higher-value offerings [91][92]

Upwork Q3 2024 Earnings © 2024 Upwork Inc. Proprietary and confidential.1 Safe Harbor Statement This presentation of Upwork Inc. (the "Company," "we," "us," or "our") contains "forward-looking" statements within the meaning of the federal securities laws. Forward-looking statements include all statements other than statements of historical fact, including any statements regarding our future operating results and financial position, including expected financial results for the fourth quarter and full year 20 ...

For the quarter ended September 2024, Upwork (UPWK) reported revenue of $193.78 million, up 10.3% over the same period last year. EPS came in at $0.29, compared to $0.21 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $182.18 million, representing a surprise of +6.37%. The company delivered an EPS surprise of +26.09%, with the consensus EPS estimate being $0.23.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

Upwork (UPWK) came out with quarterly earnings of $0.29 per share, beating the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 26.09%. A quarter ago, it was expected that this online freelance marketplace operator would post earnings of $0.23 per share when it actually produced earnings of $0.26, delivering a surprise of 13.04%.Over the last four q ...

Achieves 10% year-over-year revenue growth, record GAAP net income of $27.8 million and adjusted EBITDA of $43.2 millionThird-quarter GAAP diluted EPS of $0.20Raises FY 2024 guidance for revenue and adjusted EBITDAEnters definitive agreement to acquire Objective to enhance core search and match offerings and strengthen AI talent benchAnnounces new $100 million share repurchase program authorization SAN FRANCISCO, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketpl ...

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 ...

Upwork might soon be a slimmer, more effective, and profitable company.Gig job facilitator Upwork (UPWK -0.63%) probably doesn't want this week to end. Its shares have been racing higher, advancing by nearly 23% in price week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence. Investors were encouraged by the company's preliminary third-quarter numbers, plus news of a restructuring plan and an analyst's bullish new research note.Preliminary results and pink slip ...

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 ...