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

Share post:

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.


Related articles

VMWare revenue drops by $600 million but Broadcom assures investors growth plan is on track

In its first full quarter under Broadcom's ownership, VMware's revenue fell by $600 million, dropping to $2.7 billion....

Apple faces backlash over recent ads

Apple is currently facing significant public backlash due to a controversial advertisement featuring a hydraulic press crushing various...

 Google executives face employee concerns amid profitsurge

At a recent all-hands meeting, Google employees voiced significant concerns regarding morale, cost-cutting measures, and the impact of...

Spotify CEO confesses to “rough times after layoffs” – stock price rises

In December, Spotify CEO Daniel Ek announced the largest round of layoffs in the company's history, cutting 1,500...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways