Profile
Sector:
Communication ServicesIndustry:
Internet Content & InformationCountry:
United StatesIPO:
03 October 2018Website:
http://www.upwork.comNext earnings report:
06 November 2024Last dividends:
N/ANext dividends:
N/APrice
after hours | Fri, 01 Nov 2024 23:00:37 GMTDividend
Analysts recommendations
Institutional Ownership
UPWK Latest News
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. The company preannounced upside Q3 guidance along with organizational changes in its efforts to drive profits.
Upwork might soon be a slimmer, more effective, and profitable company.
Upwork and Fiverr have seen steep declines due to concerns over slowing revenue growth, partly driven by AI replacing some freelancing services. While AI has reduced demand for simple tasks like logo design, it has boosted freelancer productivity and created new service opportunities. Both platforms are attractively priced, but Fiverr stands out with better engagement metrics, higher gross margins, and strong app ratings.
Upwork (UPWK) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
Approximately $60 million in annual cost savings advances Upwork toward 5-year profitability target Company expects to exceed revenue and adjusted EBITDA guidance for third quarter 2024 results SAN FRANCISCO, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK) (“Upwork” or the “Company”), the world's work marketplace that connects businesses with independent talent across the globe, today announced a more streamlined organizational structure and operational changes to continue the Company's profitable trajectory, increase efficiency, and accelerate innovation for its customers. “We are making ourselves a more streamlined and efficient organization, continuing our successful focus on durable, profitable growth and delivering value for our customers and shareholders,” said Hayden Brown, president and CEO, Upwork.
Today, we take a look at Upwork, Inc. after Engine Capital recently initiated a 3.5% stake in the firm amid criticism of management's strategic direction. Despite macroeconomic challenges and AI concerns, Upwork's simplified fee structure and cost-cutting measures improved take rates and profitability in FY23. Upwork's strong cash flow and low valuation multiples highlight its potential for long-term growth, despite AI fears and competitive pressures.
SAN FRANCISCO, Oct. 15, 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 it will report its financial results for the third quarter of 2024 on Wednesday, November 6, 2024 after market close. The company will host a Q&A conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day.
Upwork, the leading freelancing platform with a 31-32% market share, benefits from two-sided network effects, attracting both freelancers and employers. Despite a challenging environment, Upwork maintains strong financials, expects 7.5% revenue growth this year and increasing profitability next years due to operational leverage. Fair Value derived through a DCF model is $13.37 with WACC = 10.5% and perpetuity growth of 3%, pointing to 28% upside from the current price.
Data shows organizations refining operating models are driving innovation while seeing reduced expenses, positive cash flow, and stronger balance sheets
SAN FRANCISCO, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world's largest work marketplace that connects businesses with independent talent across the globe, today issued the following statement in response to a letter from Engine Capital to Upwork's Board of Directors:
What type of business is Upwork?
Upwork Inc. is the operator of an online job marketplace. The company Upwork Inc. was registered in 2013 and is headquartered in Santa Clara, California. The company offers a platform that allows businesses using remote workers and tools to hire employees, manage their activities, and pay for completed work. With its help, businesses can find and hire, among other specialists, developers, designers, writers, marketers, and customer support representatives, as well as pay for their services. The Company's platform also enables clients to optimize such work processes as finding specialists, establishing contacts, and entering into contracts.
What sector is Upwork in?
Upwork is in the Communication Services sector
What industry is Upwork in?
Upwork is in the Internet Content & Information industry
What country is Upwork from?
Upwork is headquartered in United States
When did Upwork go public?
Upwork initial public offering (IPO) was on 03 October 2018
What is Upwork website?
https://www.upwork.com
Is Upwork in the S&P 500?
No, Upwork is not included in the S&P 500 index
Is Upwork in the NASDAQ 100?
No, Upwork is not included in the NASDAQ 100 index
Is Upwork in the Dow Jones?
No, Upwork is not included in the Dow Jones index
When was Upwork the previous earnings report?
No data
When does Upwork earnings report?
The next expected earnings date for Upwork is 06 November 2024