Upwork shares rose sharply on freelance work force


Shares of Upwork Inc. rose 22% in an extended session on Wednesday after the platform reported third-quarter results for freelancers, beating Wall Street’s expectations amid a job-shaking epidemic.

Upwork UPWK,
+ 3.11%
There was a loss of $ 2.7 million, or 2 cents per share, compared with a net loss of $ 3.5 million or 3 cents per share in the year-ago period. Adjusted earnings were 4 cents per share, adjusted for stock-based compensation and amortization of intangible assets. Analysts polled by FactSet expected a loss of 6 cents on sales of $ 90.4 million. Revenue rose 24% to $ 96.7 million.

Chief executive officer Hayden Brown said in a statement, “Our third-quarter performance received strength from both existing and new customers, who adopted a record number of upwork. The Santa Clara, California-based company said gross services volume grew 23% year-over-year to $ 654.5 million.

Upwork’s shares rose sharply in subsequent trading, up 22%, after the regular session ended 3.1% to $ 20.22.

The company estimates $ 96 million to $ 98 million in the fourth quarter, and $ 363 million to $ 365 million for the full year.

Upwork shares are up 89.5% so far this year.

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