Hayden Brown, President and CEO of Upwork Inc. (NASDAQ:UPWK), recently executed a stock sale transaction, according to a recent SEC filing. The company, currently valued at $2.31 billion, has shown impressive momentum with a 64% price return over the past six months. On November 27, Brown sold 15,000 shares of Upwork common stock at a price of $17.00 per share, totaling $255,000. This transaction was conducted under a Rule 10b5-1 trading plan that Brown adopted on December 6, 2023. Following this sale, Brown retains ownership of 1,181,221 shares in the company. The stock, which maintains impressive gross profit margins of 77%, currently trades near its 52-week high of $17.79. According to InvestingPro, which offers 17 additional investment insights for Upwork, the company's overall financial health is rated as GREAT.
In other recent news, Upwork has reported a robust Q3 growth despite market challenges. The online freelancing platform disclosed a 10% increase in revenue year-over-year, totaling $193.8 million, and a record net income of $27.8 million. In addition to these financial highlights, Upwork announced a strategic organizational change involving a 21% reduction in headcount, aiming to save $60 million annually.
In terms of its services, both the company's marketplace and managed services experienced growth. The marketplace revenue rose by 12% to $167.3 million, while managed services revenue saw a 5% increase. As part of its recent developments, Upwork launched Business Plus to cater to larger clients and signed 42 Enterprise deals in Q3, including with Hunter Douglas and Bill.com.
Furthermore, Upwork announced plans to acquire the AI-native search company, Objective, to enhance its AI capabilities, emphasizing the company's commitment to strategic growth and innovation. However, the company anticipates a slight decrease in take rates moving forward due to macroeconomic pressures. The company's forecast for Q4 2024 revenue stands between $178 million and $183 million, with an adjusted EBITDA of $38 million to $42 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.