Upwork Inc. (NASDAQ:UPWK) posted its second-quarter results after Monday’s closing bell, beating analyst estimates but disappointing investors. Here’s a look at the key figures from the quarter.
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Upwork Q2 Details
Upwork reported quarterly earnings of 41 cents per share which beat the consensus estimate of 34 cents, according to Benzinga Pro data.
Quarterly revenue came in at $191.66 million which beat the Street estimate of $189.96 million, but was down from $194.94 million in the same period last year.
Upwork reported the following second-quarter highlights:
•GSV was $966.4 million, decreased 4% year-over-year
•Active clients of 763,000
•GSV per active client of $5,230 increased 5% year-over-year
“In the second quarter, Upwork demonstrated solid execution against our strategic plan in a challenging operating environment,” said Hayden Brown, president and CEO of Upwork Inc.
"While lower-complexity work continues to shift toward automation, we are increasingly seeing what is emerging in its place: growing demand for high-value AI talent, more complex projects, and new categories of work across SMB and Enterprise,” Brown added.
UPWK Stock Price Activity: According to data from Benzinga Pro, Upwork stock was down 20.14% to $7,85 in Monday’s extended trading.
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