|Over a week ago|
Upwork targeting long-term revenue of $1B+ in 2025 » 12:5206/1506/15/21
Targeting long-term EBITDA 30%-35%, total gross margin 80%-85%. Comments taken from Investor Day presentation slides.
Upwork to host virtual investor day » 11:5506/1506/15/21
Upwork to host virtual investor day » 04:5506/1506/15/21
Upwork to host virtual investor day » 16:4506/1406/14/21
|Over a month ago|
Upwork price target lowered to $65 from $75 at BTIG » 07:5905/0505/05/21
BTIG analyst Marvin Fong…
BTIG analyst Marvin Fong lowered the firm's price target on Upwork to $65 from $75 but keeps a Buy rating on the shares. The company's Q1 earnings beat featured 40% growth in the Enterprise segment and its overall take rate of 14.4% was down slightly from 14.6% in Q4, though generally, the results were aligned with his expectations of positive performance for Upwork, the analyst tells investors in a research note. Fong adds that his lower price target reflects reduced tech valuations.
Upwork raises FY21 revenue view to $480M-$490M from $460M-$470M » 16:4205/0405/04/21
Consensus $466.7M. Sees…
Consensus $466.7M. Sees FY21 adjusted EBITDA $16M-$20M.
Upwork sees Q2 revenue $119M-$121M, consensus $113.98M » 16:4005/0405/04/21
Sees Q2 adjusted EBITDA…
Sees Q2 adjusted EBITDA in the range of $2M to $3M.
Upwork reports Q1 EPS 3c, consensus (4c) » 16:3705/0405/04/21
Reports Q1 revenue…
Reports Q1 revenue $113.62M, consensus $108.65M. GSV increased by 41% year-over-year to $786.8M. "After a record year in 2020, we're off to an even stronger 2021," said Hayden Brown, President and CEO of Upwork. "We continue to see success with our strategy as demonstrated by accelerating growth of both new clients and core clients, growing spend per client, and increasing customer lifetime value. With Covid shattering the biggest impediment to broader freelancer adoption - businesses' prior discomfort with remote work - now is the time to introduce the new work marketplace industry category, which we announced today. Shining a spotlight on the work marketplace category and the numerous ways businesses and freelancers can work together on Upwork will help them achieve more than they ever imagined was possible."
Upwork announces the work marketplace » 16:3705/0405/04/21
Upwork announced a new…
Upwork announced a new industry category - the work marketplace - which enables freelancing to reach its full potential by giving freelancers and companies multiple ways to Upwork. "While others have relegated freelancing to 'gig' jobs with weak pay, poor quality work, and a general culture of impermanence, we have always envisioned a better way to work with freelancers at the heart of every business, doing critical work that goes against the old freelancer stereotype and challenges the traditional notions of what makes a workforce and how work gets done," said Upwork President and CEO Hayden Brown. "It's a profound moment when you realize there is a freelancer somewhere in the world who can make whatever you're dreaming up a reality; it fundamentally changes how you work and makes the impossible possible," said Kevin Scott, head of technology, PGA of America. "My epiphany came when I was trying to find someone with a rare combination of skills that were seemingly impossible to find. I looked on Upwork and was able to find the exact person we were looking for. You hear a lot about how statistically the best people in the world don't work for your organization - and it never rang true to me until we met that person. We've been finding great people on Upwork ever since, which has helped make our team stronger."
Upwork launches new brand, tagline, global campaign » 16:3605/0405/04/21
Upwork announced an…
Upwork announced an entirely refreshed brand, tagline, and global campaign to "advance how it attracts and engages with the world's best freelancers and companies of all sizes." "We're seeing a dramatic shift in the behaviors of global businesses down to nascent independent talent," said Upwork SVP of Marketing Lars Asbjornsen. "The reality is a new work era is upon us, one in which we can all be free to work in the ways we prefer, with more scale, agility, control, and growth potential. Our goal is to help create economic opportunity for customers by offering them multiple ways to work on Upwork." The rebrand and new campaign follows the launch of a new industry category, the work marketplace, which was born in response to businesses rapidly changing needs and increased usage of freelancers.