Financial Performance - Second-quarter GAAP Net Income of $22.2 million, the highest ever for Upwork[1] - Revenue grew 15% year-over-year to $193.1 million in Q2 2024[3] - Adjusted EBITDA of $40.8 million in Q2 2024, compared to $14.4 million in Q2 2023[3] - Total revenue for Q2 2024 increased to $193.1 million, up 14.5% from $168.6 million in Q2 2023[15] - Net income for Q2 2024 was $22.2 million, a significant improvement from a net loss of $4.0 million in Q2 2023[15] - Net income for Q2 2024 was $22.2 million, compared to a net loss of $3.99 million in Q2 2023[23] - Adjusted EBITDA for Q2 2024 was $40.8 million, a significant increase from $14.4 million in Q2 2023[23] - Adjusted EBITDA for Q2 2024 was $40.8 million, up from $33.3 million in Q1 2024 and $14.4 million in Q2 2023[25] - Net income for Q2 2024 was $22.2 million, compared to a net loss of $4.0 million in Q2 2023[25] Revenue and Growth - Revenue from ads & monetization products grew 75% year-over-year[4] - Marketplace revenue grew to $166.8 million in Q2 2024, a 17.2% increase from $142.3 million in Q2 2023[15] - Enterprise revenue remained stable at $26.3 million in Q2 2024 compared to $26.3 million in Q2 2023[15] - Full-year 2024 revenue guidance of $735 million to $745 million[5] Client and Market Expansion - Active clients grew 6% year-over-year to over 868,000[3] - Upwork added 46 new Enterprise clients in Q2 2024, including Builders FirstSource and Guidepoint[4] Cash Flow and Financial Position - Cash and cash equivalents increased to $182.8 million as of June 30, 2024, up from $79.6 million as of December 31, 2023[16] - Marketable securities decreased to $314.9 million as of June 30, 2024, down from $470.5 million as of December 31, 2023[16] - Total current assets stood at $855.7 million as of June 30, 2024, slightly down from $883.4 million as of December 31, 2023[16] - Total liabilities decreased to $647.5 million as of June 30, 2024, from $656.5 million as of December 31, 2023[16] - Accumulated deficit improved to $253.4 million as of June 30, 2024, from $294.1 million as of December 31, 2023[16] - Net cash provided by operating activities for the six months ended June 30, 2024, was $42.9 million, compared to a net cash used in operating activities of $4.4 million for the same period in 2023[17] - Purchases of marketable securities for the six months ended June 30, 2024, were $194.3 million, a decrease from $254.1 million in the same period in 2023[17] - Proceeds from maturities of marketable securities for the six months ended June 30, 2024, were $321.8 million, compared to $307.4 million in the same period in 2023[17] - Repurchase of common stock for the six months ended June 30, 2024, amounted to $100 million, with no repurchases in the same period in 2023[17] - Cash, cash equivalents, and restricted cash at the end of June 30, 2024, were $405.8 million, up from $336.2 million at the end of June 30, 2023[17] - Free cash flow for Q2 2024 was $33.5 million, compared to $0.96 million in Q2 2023[26] - Cash provided by operating activities for Q2 2024 was $37.3 million, a significant increase from $4.3 million in Q2 2023[26] - Free cash flow for the first six months of 2024 was $36.5 million, a substantial improvement from a negative $10.6 million in the same period of 2023[26] Expenses and Margins - Research and development expenses increased to $52.5 million in Q2 2024 from $43.2 million in Q2 2023[23] - Sales and marketing expenses decreased to $47.3 million in Q2 2024 from $59.1 million in Q2 2023[23] - Gross margin for Q2 2024 was 77% on a GAAP basis and 78% on a non-GAAP basis, up from 76% in Q2 2023[23] - Stock-based compensation expense was $19.2 million in Q2 2024, slightly up from $18.4 million in Q2 2023[23] - Stock-based compensation expense for Q2 2024 was $19.2 million, slightly higher than $18.4 million in Q2 2023[25] - Depreciation and amortization for Q2 2024 was $3.6 million, up from $1.9 million in Q2 2023[25] - Purchases of property, plant & equipment and cash outflows from internally developed software for Q2 2024 were $3.7 million, slightly higher than $3.3 million in Q2 2023[26] Earnings Per Share - Basic earnings per share for Q2 2024 was $0.17 on a GAAP basis and $0.27 on a non-GAAP basis[24] - Diluted earnings per share for Q2 2024 was $0.17 on a GAAP basis and $0.26 on a non-GAAP basis[24] - Weighted-average shares outstanding for Q2 2024 were 131.4 million (basic) and 138.3 million (diluted)[24] Other Financial Metrics - GSV from AI-related work grew 67% year-over-year in Q2[4] - Upwork repurchased 2.9 million shares of stock in Q2 2024[3] - Full-year 2024 adjusted EBITDA guidance of $140 million to $150 million[5] - Adjusted EBITDA is used as a measure of core operating results and excludes stock-based compensation, depreciation, and amortization, among other items[19] - Free cash flow is defined as cash from operations less capital expenditures and internally developed software costs[19] - The company has not reconciled adjusted EBITDA guidance to GAAP net income due to uncertainties in stock-based compensation and other factors[22] - The company recognized a $38.9 million gain in Q2 2023 from early extinguishment of convertible senior notes[24] - Other income, net for Q2 2024 was a loss of $5.6 million, compared to a loss of $4.0 million in Q2 2023[25] - Income tax provision for Q2 2024 was $1.2 million, down from $1.9 million in Q2 2023[25]

Second-quarter GAAP Net Income of $22.2 million, Upwork's highest ever Second-quarter GAAP Diluted EPS of $0.17 Second-quarter Adjusted EBITDA of $40.8 million SAN FRANCISCO, Aug. 07, 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 its financial results for the second quarter of 2024. "We produced strong revenue growth of 15% year-over-year and our highest-ever net income amid a ...

JACKSONVILLE, Fla. and SAN FRANCISCO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Beeline, the leading technology solution provider for managing the extended workforce, and Upwork Inc. (NASDAQ:UPWK), the world's work marketplace that connects businesses with independent talent across the globe, today announced a strategic partnership designed to enhance hiring efficiency and centralize enterprises' contingent workforce programs. The partnership combines Beeline's advanced workforce management solutions with the highl ...

"Our research shows that introducing new technologies into outdated work models and systems is failing to unlock the full expected productivity value of AI," said Kelly Monahan, managing director of The Upwork Research Institute. "While it's certainly possible for AI to simultaneously boost productivity and improve employee well-being, this outcome will require a fundamental shift in how we organize talent and work." For many workers, the path to achieving the productivity gains that employers expect is not ...

Core Insights - Upwork Inc. will report its financial results for Q2 2024 on August 7, 2024, after market close [1] - A Q&A conference call will be held on the same day at 2:00 p.m. Pacific Time [1] Company Overview - Upwork is the largest work marketplace globally, connecting businesses with independent talent [3] - The platform serves a diverse clientele, from startups to Fortune 100 companies, facilitating collaboration in various fields [3] - In 2023, Upwork's talent community earned over $3.8 billion across more than 10,000 skills, including website development, creative design, data science, customer support, finance, and consulting [3]

Upwork Today Get Fiverr International alerts: Upwork +0.16 (+1.51%) ▼ P/E Ratio 30.72 Add to Watchlist The primary form of revenue generation is by deducting a percentage of the talent's pay. The company usually deducts 10% from the contractor's payment. Two other important points of note: In May 2023, Upwork fired 15% of its employees, mostly in its sales department, and its main competitor is Fiverr NYSE: FVRR. UPWK However, the firm's "take rate" is the most encouraging metric. The firm provides this cus ...

Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fiverr International. The Motley Fool recommends Upwork. The Motley Fool has a disclosure policy. ...

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 ...