Upwork Inc. (UPWK) Tops Q2 EPS by 6c, Revenues Beat; Offers 3Q Revenue Guidance Above Consensus

Upwork Inc. (NASDAQ: UPWK) reported Q2 EPS of ($0.03), $0.06 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $87.5 million versus the consensus estimate of $80.31 million.

Second Quarter 2020 Financial Results

• Gross services volume (GSV) increased by 12% year-over-year to $582.0 million;
• Revenue grew 19% year-over-year to $87.5 million;
• Marketplace revenue grew 19% year-over-year to $78.5 million;
• Marketplace take rate was 13.7%, up from 12.9% a year ago;
• Gross margin remained unchanged year-over-year at 71%;
• Net loss was $11.0 million, or $(0.09) per share, compared to a net loss of $2.5 million, or $(0.02) per share, in the second quarter of 2019;
• Non-GAAP net loss was $3.0 million, or $(0.03) per share, compared to non-GAAP net income of $1.0 million, or $0.01 per share, in the second quarter of 2019; and
• Adjusted EBITDA, a non-GAAP financial measure, was a loss of $1.2 million compared to positive adjusted EBITDA of $1.2 million in the second quarter of 2019.

“We had a strong second quarter supporting the growing set of customers who are increasingly eager to leverage our on-demand remote talent solution,” said Hayden Brown, President and CEO of Upwork. “We capitalized on the global shift towards remote work and the widespread need for flexible talent solutions, welcoming a surge of new customers. We remain laser-focused on executing our vision of being the number one flexible talent solution in the world, which is more critical than ever as companies need help managing their expanding remote workforces.”

GUIDANCE:

Upwork Inc. sees Q3 2020 revenue of $89-91 million, versus the consensus of $85.04 million.

As of August 4, 2020, Upwork is providing the following guidance for its third quarter:

• Revenue in the range of $89 million to $91 million
• Weighted-average shares outstanding in the range of 121 million to 123 million

For earnings history and earnings-related data on Upwork Inc. (UPWK) click here.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• South Plains Financial Inc. (SPFI) Tops Q1 EPS by 6c
• Alphabet (GOOGL) soars 16% on Q1 results beat, first-ever dividend