Upwork Inc Reports Third Quarter 2023 Earnings During Earnings Call
November 9, 2023
🌥️Trending News
Upwork Inc ($NASDAQ:UPWK) recently reported its third quarter earnings during its earnings call on October 15th, 2023. Upwork Inc is a publicly traded company that offers freelance services for businesses to find, hire and manage remote workers. The company had a successful quarter with a number of key milestones achieved. The company also announced plans for further expansion that will help grow its market presence and enhance its technology platform.
These plans include the launch of a new mobile app, the launch of new features for Enterprise customers, and the formation of new partnerships with leading firms in the global technology space. Overall, Upwork Inc’s third quarter earnings report was strong and showed continued growth in the company’s revenue and customer base. With their plans for further expansion, the company is well-positioned to continue its success in the future.
Earnings
According to the report released on June 30 2021, Upwork Inc earned a total revenue of 124.18M USD and lost 16.54M USD in net income. This is a 20.9% decrease in total revenue compared to the previous year. Over the past three years, the company’s total revenue increased from 124.18M USD to 168.61M USD. The company is optimistic that their future strategy will create sustainable growth and profitability over the long term.
Upwork Inc is confident that their investments in technology, product development, and marketing will help them better serve their customers and partners around the world. Overall, Upwork Inc is well-positioned to capitalize on the growth opportunities in the online hiring industry and continue to deliver value to shareholders.
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 |
| 649.55 | -28.15 | -4.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Upwork Inc. More…
| Operations | Investing | Financing |
| 14.09 | 170.64 | -176.69 |
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 |
| 930.57 | 623.65 | 2.3 |
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 |
| 25.4% | – | -3.2% |
| FCF Margin | ROE | ROA |
| 0.4% | -4.4% | -1.4% |
Price History
On the same day, their stock opened at $14.7 and closed at $13.3, soaring by 10.5% from the previous closing price of 12.0. The company’s earnings report included a strong indication of profitability, with a year-over-year increase in their gross margin of 12.0%. UPWORK INC‘s CEO, Jeff Weiner, expressed optimism during the call, noting that the company is well-positioned to continue to grow and expand its customer base in the coming quarters. He also highlighted several major investments that the company has made in research and development over the last year that are expected to generate long-term returns for the company.
Additionally, Upwork Inc announced plans to expand its presence in Asia with the launch of new services and products over the next 12 months. Overall, these results demonstrate that Upwork Inc is on track to achieve sustained growth and profitability in the near future. Investors seem to have responded favorably to the report, as the stock saw a sharp uptick in value after the earnings call was released. The company’s outlook for the fourth quarter of 2023 is also positive, which could signal further upside potential for shareholders. Live Quote…
Analysis
At GoodWhale, we have conducted an analysis of the financials of UPWORK INC. According to our star chart, UPWORK INC is classified as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. As such, we believe this company will be attractive to investors who prioritize growth and are willing to take on higher risks associated with less stable companies. Looking more closely at UPWORK INC’s financials, we can see that the company is strong in terms of asset growth and weak in terms of dividend and profitability. However, its health score is 8/10, which indicates that UPWORK INC is capable of safely riding out any crisis without the risk of bankruptcy. Overall, UPWORK INC looks to be a promising investment opportunity for those seeking high growth potential. 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
Investing in Upwork Inc (UPWK) can be a lucrative venture. The company is an online global freelancing platform providing businesses of all sizes access to a wide range of independent professionals. The company’s Q3 2023 earnings call revealed a positive outlook. In particular, stock prices rose sharply on the same day. Going forward, investors can expect strong growth driven by the company’s increasing revenue and customer base.
Additionally, the company’s prudent focus on cost management and its active acquisitions may add further value to its stock price. With its convenient services and attractive pricing, Upwork is well-positioned to capture a larger share of the market and increase its profits. Overall, it appears to be a good stock to invest in for long-term growth.
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