Upwork Inc. UPWK shares are climbing after the company reported its third-quarter results after Wednesday's closing bell. Here's a look at the key figures from the report.
The Details: Upwork reported quarterly earnings of 29 cents per share, which beat the analyst consensus estimate of 26 cents. Quarterly revenue came in at $193.8 million, which beat the analyst consensus estimate of $185.85 million and is an increase over sales of $175.73 million from the same period last year.
- Active clients grew 2% year-over-year to 855,000.
- Free cash flow was $98 million in the third quarter of 2024, compared to free cash flow of $33.4 million in the third quarter of 2023.
- Managed Services grew revenue 5% year-over-year in the third quarter, reflecting increasing demand for delivery of work outcomes and strong pipeline of new Managed Services clients.
- Freelancer Plus subscription revenue increased 48% year-over-year in the third quarter.
The company also announced a $100 million share repurchase program.
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“Upwork continues to seize the tremendous market opportunity and execute our strategy to deliver durable, profitable growth, with 10% year-over-year revenue growth and our highest-ever net income in the third quarter,” said Hayden Brown, president and CEO of Upwork.
“We are building long-term shareholder value by serving clients with work outcomes on demand, produced by the world’s most skilled freelance professionals working hand-in-hand with cutting-edge AI tools. This quarter, our AI-powered innovation accelerated, with new capabilities for Uma, Upwork’s Mindful AI, that streamline key steps in matching with and hiring talent as well as delivering outcomes in both our Marketplace and Managed Services offerings,” Brown added.
Outlook: Upwork sees fourth-quarter revenue of between $178 million and $183 million and adjusted earnings of between 24 cents and 28 cents per share.
UPWK Price Action: According to Benzinga Pro, Upwork shares are up 8.92% after-hours at $15.88 at the time of publication Wednesday.
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Photo: Pete Linforth from Pixabay
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