Revenue rose 11% Y/Y to $175.7 million, beating the consensus of $168.2 million.

Marketplace revenue increased 11% Y/Y to $161.7 million, led by take rate expansion on strength in the ads products and shift to a simplified, flat-fee pricing structure. 

Total take rate stood at 17.1% in Q3, vs. 15.4% a year ago, with Marketplace take rate of 15.9% (up from 14.3% the prior year).

The company signed 23 new Enterprise clients in Q3, up 21% Q/Q, and Gross Services Volume stood at $1 billion.

Active Clients rose 2% Y/Y to around 836,000 on improved client retention and the acquisition of new clients.

Adjusted EBITDA of $31.2 million was better than $(2.9) million a year ago, with EBITDA margin of 18% in Q3.

Adjusted EPS of $0.21 beat the consensus of $0.10. 

As of Q3-end, cash, cash equivalents, and marketable securities stood at around $555.2 million.

Also, the company's Board has recently approved a $100 million share repurchase program.

Price Action: UPWK shares are up by 19.92% at $14.42 premarket on the last check Wednesday.