Why Upwork Stock Is Soaring Thursday

Upwork, Inc. UPWK shares are trading higher Thursday after the company reported better-than-expected second quarter financial results and analysts raised price targets on the stock.

The Details:

Upwork reported second-quarter revenue of $168.6 million, an increase of 7% from the same quarter last year, and a net loss of $4 million compared to a net loss of $23.8 million from the second quarter of 2022.

Upwork raised its guidance for third-quarter revenue to between $165 million and $170 million, a 6% year-over-year increase at the midpoint, and raised its full-year 2023 revenue guidance to between $665 million and $675 million, an 8% year-over-year growth at the midpoint.

The company stated in a letter to shareholders, "In the second quarter of 2023, Upwork made strong progress on delivering innovative solutions for our customers and driving durable, profitable growth. We achieved better-than-expected results across our financial goals, while making significant strides in generative AI and growth across our business."

On Thursday, analysts raised price targets on UPWK shares. JMP Securities analyst Andrew Boone maintained Upwork with an Outperform and raised the price target from $14 to $15. Needham analyst Bernie McTernan maintained Upwork with a Buy and raised the price target from $11 to $15.

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UPWK Price Action: According to Benzinga Pro, Upwork shares are up by 37.40% at $13.40 at the time of publication.

Image: Courtesy of Upwork, Inc.