Upwork Analysts Raise Their Forecasts Following Strong Q4 Results

Upwork, Inc. UPWK reported upbeat fourth-quarter financial results after the bell Wednesday.

Upwork reported quarterly earnings of 20 cents per share, which beat the analyst consensus estimate of 17 cents. The company reported quarterly sales of $183.9 million, beating the analyst consensus estimate of $178.16 million, according to data from Benzinga Pro.

"Last year proved Upwork's continued growth momentum and strong profitability. Our business is flexible and resilient, as the skilled talent on Upwork are a critical resource to businesses small and large," said Hayden Brown, CEO of Upwork. "Fueled by our continued investments in human-centered AI and innovation, growing advertising and subscription products, our differentiated Enterprise offering, and new integrations with marquee partners, we are confident in and excited about our long-term strategic plan to drive growth and transform work in 2024 and beyond."

Upwork said its sees first-quarter adjusted earnings between 17 cents and 19 cents per share, versus the 14 cents per share estimate, and revenue of between $183 million and $188 million, versus the $181.63 estimate.

The company expects full-year 2024 adjusted earnings of between 77 cents and 81 cents per share versus the 71 cents per share estimate and full-year revenue between $760 million and $780 million versus the $778.03 million estimate.

Upwork shares fell 7.2% to trade at $14.14 on Thursday.

These analysts made changes to their price targets on Upwork after the company reported quarterly results.

• Needham boosted the price target on Upwork from $18 to $20. Needham analyst Bernie McTernan maintained a Buy rating.
• RBC Capital increased the price target on Upwork from $17 to $18. RBC Capital analyst Brad Erickson maintained a Sector Perform rating.

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