Upwork Inc. (NASDAQ: UPWK) reported Q4 EPS of $0.03, $0.07 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $67.3 million versus the consensus estimate of $65.52 million.

“2018 was a landmark year for Upwork, as we became a publicly traded company, a major milestone not only for us but also for our industry,” said Stephane Kasriel, CEO of Upwork. “With macro-trends such as the skills shortages businesses are facing and the rise of remote work, plus our investments in product innovation, brand awareness and sales infrastructure, we remain emboldened by our long-term opportunity.”

Fourth Quarter 2018 Financial Results

• Revenue​: Total revenue increased by 23% to $67.3 million, and marketplace revenue increased by 24% to $59.7 million and represented 89% of total revenue for the fourth quarter.
• Take Rate:​ Take rate, which we define as total revenue divided by GSV, was 14.3%, consistent with the third quarter of 2018 but down from 14.5% in the fourth quarter of 2017.
• Gross Profit/Gross Margin: Gross profit increased by 25% to $46.5 million, and gross margin was 69%, up slightly from 68% in the fourth quarter of 2017.
• Net Income (Loss) Attributable to Common Stockholders:​ Net loss was $(5.4) million, or $(0.05) per share, compared to a net loss of $(11.7) million, or $(0.35) per share, in the fourth quarter of 2017. Non-GAAP net income was $2.7 million, or $0.03 per share, compared to a non-GAAP net loss of $(8.9) million, or $(0.27) per share, in the fourth quarter of 2017.
• Adjusted EBITDA: Adjusted EBITDA was $3.6 million compared to $(1.9) million in the fourth quarter of 2017.

GUIDANCE:

Upwork Inc. sees Q1 2019 revenue of $68-69 million, versus the consensus of $70.04 million.

Upwork Inc. sees FY2019 revenue of $298-304 million, versus the consensus of $299.7 million.

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