| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3368 Registered: 05-2011 Posted From: 65.35.45.47 Rating: N/A |
UPWK operates a work marketplace that connects businesses with independent talent. It serves everyone from one-person startups to 30% of the Fortune 100 with a platform that enables companies and freelancers to work together. Skill sets include website & app development, creative & design, customer support, finance & accounting, consulting, and operations. The stock jumped in early November when UPWK reported a surprise profit in Q3 when a loss was expected. Revenue rose 24% yr/yr to $96.75 mln, which also was nicely above consensus. UPWK also guided higher for Q4 revenue. Its Q3 performance was fueled by strength from both existing and new clients, who adopted Upwork in record numbers. Helping to fuel the gains in Q3 was an expansion of its platform to serve customers with Project Catalog, a curated collection of pre-scoped projects that provides a new click-and-buy way for clients and freelancers to instantly begin working together on the Upwork marketplace. A nice aspect about UPWK is that its platform tends to focus on higher-ticker, longer-duration projects. |