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

Thursday, 2 May 2024, 03:00

Upwork reported a revenue of $190.9 million in Q1 2024, showing 19% growth year over year. GAAP net income was $18.4 million, with adjusted EBITDA at $33.3 million. The company's focus on operating leverage and innovation led to increased revenue, active client growth, and strong performance in ads and monetization products. Upwork introduced new AI-enabled products and partnerships to drive growth, with plans to reach a 35% adjusted EBITDA margin in the next five years.
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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.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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