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Investing.com -- Upwork Inc. (NASDAQ:UPWK) shares jumped 11.3% in after-hours trading after the freelance marketplace operator reported better-than-expected first quarter results and raised its full-year profit outlook.
The company posted adjusted earnings per share of $0.34, surpassing analyst estimates of $0.27. Revenue came in at $192.7 million, beating the consensus forecast of $188.72 million and growing 1% YoY.
Upwork’s strong performance was driven by record profitability, with net income more than doubling to $37.7 million compared to $18.4 million in the same quarter last year. Adjusted EBITDA reached $56.0 million, up 68% YoY, with margins expanding to 29%.
"Upwork is off to a strong start in 2025, delivering record first-quarter results across revenue and profitability, a testament to the team’s accelerated execution and the resilience of our business model," said CEO Hayden Brown.
The company saw positive momentum in key metrics, with GSV per active client rising 3% YoY to $4,912, marking the first growth in six quarters. AI-related work continued to drive growth, with GSV from AI projects up 25% YoY.
For Q2, Upwork expects revenue of $184-189 million and adjusted EPS of $0.26-$0.28. The company reiterated its full-year revenue guidance of $740-760 million while raising its adjusted EBITDA outlook to $190-200 million.
CFO Erica Gessert noted, "Our continued focus on cost discipline, combined with better-than-expected revenue performance, drove another quarter of record profitability."
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