November 08, 2023
Expertise platform Upwork Inc. (NASDAQ: UPWK) reported third-quarter income rose 10.8% 12 months over 12 months, beating steerage.
“Within the third quarter of 2023, Upwork continued to drive sturdy, worthwhile progress whereas advancing our place because the world’s work market,” the corporate mentioned in a shareholder letter. “We achieved better-than-expected outcomes throughout our monetary objectives, producing third-quarter 2023 income of $175.7 million, up 11% from a 12 months in the past.”
Upwork additionally introduced it was rising its full-year steerage. Income is now set to rise to between $680 million and $685 million — a rise of 10% on the midpoint. The corporate beforehand forecast full-year income of between $665 million and $675 million, a rise of 8% on the midpoint.
For the fourth quarter, Upwork forecast income of between $175 million and $180 million, additionally a rise of 10% on the midpoint.
The corporate ranks because the world’s largest expertise platform when it comes to gross spend quantity, in line with analysis by SIA.
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Share value
Shares in Upwork have been up 11.43% to $13.40 as of 1:04 p.m. Japanese time; they have been 15.6% under their 52-week excessive, in line with FT.com.
