Upwork Achieves Strong Q1 2024 Financial Results and Raises Outlook for 2024

Upwork (NASDAQ: UPWK) Q1 2024 Earnings Call

UPWK earnings call for the period ending March 31, 2024. Image source: The Motley Fool.

Financial Highlights:

• First quarter revenue of $190.9 million marks a 19% year-over-year growth.
• GAAP net income reported at $18.4 million; adjusted EBITDA reached $33.3 million.
• Active client growth of 5% year over year to 872,000 in Q1.
• Revenue growth in ads and monetization products, fastest growing revenue stream.
• Introduces new AI-enabled products and partnerships to ignite growth and enhance customer experience.

Outlook and Strategy:

• Upwork plans to raise its 2024 revenue and adjusted EBITDA outlook.
• Focus on operating leverage and investment in future growth to drive profitability.
• AI services category grows by 50% year over year, benefiting from increased demand for skilled workers.

For more details, refer to the full transcript of the earnings conference call.