Why Upwork Stock Is Falling After Hours

Shares of Upwork Inc UPWK are moving lower after the bell on Wednesday in the wake of the company's quarterly results. Although Upwork turned in a better-than-expected fourth-quarter report, the company issued guidance below analyst estimates.

• Q4 Revenue: $161.44 million beat $159.29 million
• Q4 EPS: $0.04 beat estimates of $(0.03)

"We are entering 2023 on offense, ready to capture the opportunity ahead of us. With our leading, cost-effective solutions, we are uniquely positioned to meet customers where they are, and benefit as customers learn about and turn to Upwork for their full range of talent and work needs," the company said in a letter to shareholders.

Outlook: Upwork sees first-quarter revenue between $157 million and $160 million versus estimates of $166.66 million, according to Benzinga Pro. The company anticipates a first-quarter adjusted net loss of 3 cents to 6 cents per share versus estimates for a loss of 3 cents per share.

Upwork sees full-year revenue in a range of $690 million to $705 million versus estimates of $720.22 million. The company expects full-year adjusted earnings to be between 11 cents and 15 cents per share. 

A conference call to discuss these results is set to kick off at 5 p.m. ET.

See Also: After-Hours Alert: Why Cisco Stock Is Surging

UPWK Price Action: Upwork shares are down 6.74% in after-hours at $13.00 at the time of writing, according to Benzinga Pro.

Photo: Tumisu from Pixabay.