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Upwork Inc (NASDAQ:UPWK) reported financial results for the second quarter after the market close on Wednesday. Here’s a look at the key metrics from the quarter.
Total revenue was up 15% year-over-year. Active clients increased 6% year-over-year to 868,000. Cash provided by operating activities came in at $37.3 million in the quarter. Upwork generated free cash flow of $33.5 million in the quarter, up from free cash flow of $1 million in the prior year’s quarter.
GSV (gross sales value) from AI-related work grew 67% year-over-year in the second quarter. Clients engaging in AI-related projects jumped 50% year-over-year. Upwork also noted that freelance professionals working on AI-related work earned 47% more per hour than freelancers working on non-AI-related work.
“The strength of our model and our market leadership position enable us to continue outperforming traditional incumbents across the hiring industry while investing in the quality of our marketplace,” said Hayden Brown, president and CEO of Upwork.
“Our confidence in the long-term growth prospects for our business continues as we innovate work solutions for customers harnessing the AI transformation of work.”
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Outlook: Upwork sees third-quarter revenue in the range of $179 million to $184 million versus estimates of $193 million. The company expects third-quarter adjusted earnings to be between 23 cents and 25 cents per share versus estimates of 23 cents per share.
Upwork sees full-year 2024 revenue in the range of $735 million to $745 million. Full-year earnings are expected to be between 90 cents and 94 cents per share.
At the time of writing, management was discussing its quarterly results on a conference call with investors that kicked off at 5 p.m. E.T.
UPWK Price Action: Upwork shares were down 7.65% in after-hours, trading at $9.606at the time of publication, according to Benzinga Pro.
Photo: Firmbee from Pixabay.
Posted In: UPWK
