From BigGo Finance · BigGo Finance · · 1m 20s
Upwork Shares Jump After Earnings Beat
Upwork shares rose after beating earnings estimates and raising full-year profit outlook.
In brief
Upwork shares rose after beating earnings estimates and raising full-year profit outlook. Upwork raised full-year adjusted EPS outlook to $1.45-$1.47 per share after reporting third-quarter results that exceeded Wall Street expectations. Originally reported by BigGo Finance.
Upwork Reports Q3 Earnings
Upwork Inc reported third-quarter adjusted earnings of 40 cents a share, beating the 32-cent consensus on revenue of $185.6 million that topped estimates and rose 5% year over year.
Full-Year Profit Outlook Raised
Upwork raised its full-year adjusted EPS outlook to $1.45-$1.47 from $1.38-$1.43 and narrowed revenue guidance to $742 million-$750 million.
Q4 Guidance Slightly Below Expectations
Fourth-quarter revenue guidance came in slightly below the $174.9 million consensus with a midpoint of $173 million.
Marketplace Revenue Declined
Marketplace revenue fell 9% and gross services volume dropped 10.1% to $914.1 million in the quarter.
AI-Skilled Freelancers Drive Growth
AI-skilled freelancer billings reached a $45 million annualized run rate, up 55% year over year, as Upwork launched Upwork Now.
Leadership Change Announced
CFO Erica Gessert will step down on Jan. 1, 2027, with Peter Sanborn named successor to lead the company.
Acquisition of WorkMotion
Upwork acquired Berlin-based WorkMotion, a leading employer-of-record provider, to support international expansion.
The headline
Upwork raised full-year adjusted EPS outlook to $1.45-$1.47 per share after reporting third-quarter results that exceeded Wall Street expectations.
