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PALO ALTO, Calif. - Shares of Upwork Inc. (NASDAQ:UPWK) jumped 7.5% in after-hours trading on Wednesday after the freelance marketplace operator reported better-than-expected fourth quarter results and issued an optimistic outlook for 2025.
Upwork posted adjusted earnings of $0.30 per share for Q4, surpassing analyst estimates of $0.26 per share. Revenue came in at $191.5 million, beating the consensus forecast of $181.2 million and rising 4% YoY.
The company’s adjusted EBITDA reached a record $50.2 million in Q4, representing a 26% margin - Upwork’s highest ever. For the full year 2024, revenue grew 12% to $769.3 million.
"2024 was a record year for Upwork, with full-year revenue, GAAP net income and adjusted EBITDA reaching all-time highs," said CEO Hayden Brown. "Our 2024 results are a reflection of our strong execution driving durable, profitable growth."
Looking ahead, Upwork provided upbeat guidance for Q1 and full year 2025. For Q1, the company expects revenue between $186-191 million, above analyst estimates of $183.56 million. For the full year, Upwork sees revenue of $740-760 million, compared to the consensus of $758.05 million.
CFO Erica Gessert noted that Upwork is "delivering on our plan to expand profit margins" and expects to "increase profitability and free cash flow each and every year" going forward.
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