Q2 2023 Upwork Earnings

Investments
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SI=15%+, I=10

  • Revenue grew 7% y/y to $168.6 million, beating management upper guidance of $164 million(+3.57%).

  • Upwork raised its revenue guidance for 2023 to $665-$675 million from $655-$670 million given in Q1 2023.

  • Adjusted EBITDA in the quarter was $14.4 million versus $1 million mid-point guidance given by the company in Q1 2023.

  • Upwork also raised its FY2023 adjusted EBITDA guidance to $50-$55 million from the initial $36-$40 million.

  • GSV was down 1% y/y due to strong comparisons in the past two years as well client marketplace changes implemented in April 2022.

  • It said that it expects to generate positive cash flow going forward.

https://investors.upwork.com/static-files/180457e2-1f5a-4b9b-8d0c-ee28a8e56341

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