Upwork stock jumps nearly 20% after freelance platform swings to adjusted Q2 profit, revenue rises 7%

Shares of Upwork Inc. (UPWK) rallied nearly 20% in the aftermarket Wednesday after the platform for freelancers narrowed its quarterly loss, swinging to an adjusted profit, and reported revenue above Wall Street expectations. Upwork lost $4 million, or 3 cents a share, in the second quarter, compared with a loss of $23.8 million, or 18 cents a share, in the second quarter of 2022. Adjusted for one-time items, the company earned 10 cents a share. Revenue grew 7% to $168.6 million, Upwork said. Analysts polled by FactSet expected Upwork to break even on an adjusted basis and to report revenue of $163 million. "Our confidence in the long-term growth opportunity for Upwork is unwavering," Upwork executives said in a letter to shareholders accompanying results. "Our continued focus as a management team is on innovation, cost discipline, and identifying the highest [return-on-investment] to generate profitable growth and shareholder value." Shares of Upwork ended the regular trading day down 0.5%.

-Claudia Assis

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08-02-23 1649ET

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