Upwork Stock Climbs After Strong Q2 Earnings Report: Details

Upwork, Inc. UPWK released its second-quarter results after Wednesday's closing bell. Here's a look at the key figures from the quarter. 

• Check out UPWK stock price and chart in real-time here. 

The Details: Upwork reported quarterly earnings of 35 cents per share, which beat the analyst estimate of 28 cents. Quarterly revenue came in at $194.93 million, which beat the analyst consensus estimate of $187.68 million.

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Upwork reported the following financial highlights from the second quarter:

• Revenue grew 1% year-over-year to $194.9 million.
• Active clients of 796,000.
• GSV per active client of $5,002 increased 5% year-over-year and average hours per contract in the second quarter were the highest ever, as projects on the platform increase in size and complexity.
• Net income was $32.7 million, up 47% year-over-year.
• Adjusted EBITDA was $57.1 million, up 40% year-over-year.

“Upwork delivered an exceptional second quarter, significantly outperforming across all key financial metrics. Our strong Marketplace performance was driven by AI features that delivered tremendous value to our full range of customers, from SMBs to large enterprises to talent,” said Hayden Brown, CEO of Upwork.

Outlook: Upwork has third-quarter adjusted EPS of between 26 cents and 28 cents, versus the 27 cent estimate, and revenue of between $190 million and $195 million, versus the $187.74 million estimate.

UPWK Stock Price: According to data from Benzinga Pro, Upwork stock was up 9.79% at $13.12 in Wednesday's extended trading. 

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