Upwork, the freelancing platform, cuts yearly guidance due to the economy
Shares of Upwork Inc. (UPWK) dropped more than 12% in the extended session Wednesday after the freelancing platform reported a narrower-than-expected first-quarter adjusted loss and revenue came in above Wall Street expectations, but the company lowered its guidance for the year. Upwork earned $17.2 million, or 13 cents a share, in the first quarter, swinging from a loss of $24.7 million, or 19 cents a share, in the first quarter of 2022. Adjusted for one-time items, the company lost 1 cent a share. Revenue rose 14% to $161 million, Upwork said. Analysts polled by FactSet expected the company to report a loss of 10 cents a share on sales of $159 million. Upwork guided for second-quarter 2023 revenue between $161 million and $164 million, which would be a 4% year-over-year increase at its midpoint, but cut the 2023 revenue guidance to between $655 million and $670 million, due to the economy and "related trends to our business." The analysts surveyed by FactSet expect 2023 revenue of $698 million.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-03-23 1727ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Going Into Earnings, Is Microsoft a Buy, a Sell, or Fairly Valued?
-
Big Banks: High Interest Rates and Sticky Inflation Haven’t Dented Consumer Spending
-
Is the World Deglobalizing?
-
How to Position Your Investment Portfolio Before the 2024 Election
-
Q2 Update: 2024 Outlook for the Stock Market and Economy
-
6 Stocks to Sell and 6 Stocks to Buy Instead
-
Markets Brief: Will the New Inflation Story Hurt Stocks?
-
Magnificent No More? Apple and Tesla Stocks Are Weighing on the Market
-
Netflix Earnings: Incredible Quarter But Investors Fear Slowdown
-
KeyCorp Earnings: 2024 Net Interest Income Outlook Unchanged; Fees Strong and Expenses Stable
-
Lithium Americas: Shares Plunge on Equity Issuance
-
4 Undervalued Semiconductor Stocks
-
Comerica Earnings: Net Interest Income and Expense Outlook Steady
-
Kinder Morgan Earnings: AI Growth Likely to Add Second Leg to Gas Demand on Top of US LNG Exports
-
Going Into Earnings, Is Meta Stock a Buy, a Sell, or Fairly Valued?
-
United Airlines Earnings: Strong Revenue Offset by Ongoing Investments