Upwork Shares Dip On Q4 Revenue Beat, In-Line Profit

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Online freelance marketplace Upwork reported fourth-quarter revenue that beat Wall Street’s forecasts, and the company also reported a rosy outlook for 2022, although forecast revenue was below consensus.

The report sent Upwork shares down 7% in late trading.

CEO Hayden Brown noted in the company’s letter to shareholders that “2021 was a remarkable year for Upwork, not only in how far we pushed our business forward but also in how clearly it has set our path for continued performance in 2022 and beyond.”

Revenue in the three months ended in December rose to $136.9 million, resulting in a net loss of 5 cents per share.

Upwork also said its measure of the total value of labor coming from its market, known as gross service volume, rose 35% to $980 million.

For the full year, the company expects revenue of between $620 million and $630 million and a net loss of between 8 and 11 cents per share.

For more information, read the original story in ZDNet.

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