UPWORK INC Reports Record Earnings for Third Quarter of 2023 Fiscal Year
December 17, 2023
🌥️Earnings Overview
UPWORK INC ($NASDAQ:UPWK) announced its financial results for the third quarter of the fiscal year 2023, which ended on September 30 2023. The company achieved total revenue of USD 175.7 million, representing a 10.8% year-over-year growth. Net income for the period saw a significant rise of 165.8%, amounting to USD 16.3 million.
Market Price
The stock opened at $11.4 and closed at $12.0, a 6.1% increase from its last closing price of 11.3. UPWORK INC attributed its success to strong demand for its services, particularly in the freelance and remote workforce industries. The company pointed to its innovative technologies, which have allowed for secure collaboration and communication between customers and freelancers, as well as its agile business model that has enabled it to quickly adapt to changing market conditions. With its continued focus on innovation and customer satisfaction, UPWORK INC is well-positioned to capitalize on the growing demand for remote work solutions in the years ahead. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Upwork Inc. More…
| Total Revenues | Net Income | Net Margin |
| 666.64 | 13.01 | 2.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Upwork Inc. More…
| Operations | Investing | Financing |
| 41.02 | 114.67 | -157.18 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Upwork Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 961.44 | 618.5 | 2.52 |
Key Ratios Snapshot
Some of the financial key ratios for Upwork Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 24.2% | – | 3.1% |
| FCF Margin | ROE | ROA |
| 4.3% | 4.0% | 1.3% |
Analysis
GoodWhale has analyzed the financials of UPWORK INC, and based on our Star Chart, it has been classified as a ‘cheetah’, which suggests that this company has achieved high revenue or earnings growth, but may be considered less stable due to lower profitability. Investors who are looking for fast-paced growth may be interested in such a company. UPWORK INC is strong in asset and growth, medium in profitability, and weak in dividend. Despite this, UPWORK INC still has a high health score of 8/10 considering its cashflows and debt; this means that it is capable of safely weathering any crisis without the risk of bankruptcy. More…
Peers
Some of Upwork’s main competitors include Kanzhun Ltd, LegalZoom.com Inc, and DHI Group Inc. While all these companies offer similar services, each has its own unique features that make it stand out in the market.
– Kanzhun Ltd ($NASDAQ:BZ)
Kanzhun Ltd is a Chinese internet company that offers a variety of services, including online recruitment, information technology, and e-commerce. As of 2022, the company has a market cap of 5.43 billion US dollars and a return on equity of 3.6%. Founded in 2003, Kanzhun Ltd is headquartered in Beijing, China.
– LegalZoom.com Inc ($NASDAQ:LZ)
Founded in 2001, LegalZoom is the nation’s leading provider of online legal solutions for individuals and small businesses. Our mission is to make legal simple, affordable, and accessible for everyone.
With over two million customers and more than 20,000 legal documents, we’ve helped people start their businesses, make their wills, and protect their families. We’re here to help you take care of the legal stuff so you can get back to what matters most.
LegalZoom has a market cap of 1.7B as of 2022, a Return on Equity of -34.4%. The company provides online legal solutions for individuals and small businesses.
– DHI Group Inc ($NYSE:DHX)
DHI Group, Inc. (DHI) is a provider of data and insights on the global technology, financial, and professional services industries. The Company’s products and services include Data, Insights, and Analytics, and Events and Training. DHI Group, Inc. is headquartered in New York, New York.
Summary
Investors are enthusiastic about UPWORK INC after the announcement of its third quarter earnings results for 2023. With a 10.8% increase in total revenue year over year and a 165.8% surge in net income, the total earnings amounted to USD 175.7 million and USD 16.3 million respectively. This news drove the stock price up, making UPWORK INC a very attractive investment option for investors. With such strong financials and improving fundamentals, UPWORK INC is expected to continue to be a strong performer in the market for the foreseeable future.
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