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February 15, 2024
Upwork Inc. (NASDAQ: UPWK), the world’s largest expertise platform, recorded income progress within the fourth quarter and the variety of energetic purchasers reaching an all-time excessive.
“Our enterprise is versatile and resilient, because the expert expertise on Upwork are a important useful resource to companies small and enormous,” President and CEO Hayden Brown mentioned in a press launch.
Upwork income rose 14% 12 months over 12 months within the fourth quarter to $183.9 million. As well as, the variety of energetic purchasers elevated by 5% in the course of the full 12 months to an all-time excessive of 851,000. “Lively purchasers” refers to purchasers with spend on Upwork’s market in the course of the 12 months previous the date of measurement.
The corporate additionally reported gross providers quantity — funds paid to staff and different charges — rose 4% 12 months over 12 months within the fourth quarter to $1.07 billion. GSV progress was sooner within the AI and machine studying subcategory, rising 70% 12 months over 12 months.
Upwork additionally mentioned its “take fee” reached an all-time excessive of 15.9%, rising from 15.8% within the third quarter. Take fee is whole income divided by gross providers quantity.
Upwork famous highlights for full-year 2023 included the acquisition of AI agency Headroom and naming of Headroom founder Andrew Rabinovich as head of AI and machine studying. Upwork additionally launched AI instruments, together with a job publish generator and gear referred to as Proposal Ideas to assist freelancers land gigs extra rapidly.
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Steerage
Upwork forecast first-quarter income of between $183 million and $188 million, a year-over-year improve of 15.3% on the midpoint.
For the total 12 months, Upwork forecast income of between $760 million and $780 million, a year-over-year improve of 11.7% on the midpoint.
Share value
Shares in Upwork had been down 7.48% to $14.10 as of 1:13 p.m. Japanese time at present. They had been 13.81% under their 52-week excessive.
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