Upwork's GSV Per Client Rises: What's Fueling It and Can It Last?

Freelancing platform Upwork Inc.'s (UPWK) latest results show that clients are spending more on the platform and at a better pace. Gross Services Volume (GSV), the all-in value of every payment, fee, and service run through Upwork, reached $988 million in Q1 2025, topping management's expectations. GSV per active client, measured on a rolling 12-month basis, climbed 3% year over year. This was the first year-over-year growth in six quarters and the third straight sequential increase. For investors, rising G ...