Investors Cheer Upwork's Q4 Performance, Stock Gains On Strong Guidance

Upwork, Inc. UPWK reported better-than-expected fourth-quarter financial results after the bell Wednesday. Here's a look at the highlights.

The Details:

Upwork reported quarterly earnings of 20 cents per share, which beat the analyst consensus estimate of 17 cents by 17.65%. The company reported quarterly sales of $183.9 million, beating the analyst consensus estimate of $178.16 million by 3.22% and representing a 13.91% increase over sales of $161.44 million from last year.

Upwork reported that its active clients grew 5% year-over-year to an all-time high of 851,000 at the end of 2023.

"Last year proved Upwork's continued growth momentum and strong profitability. Our business is flexible and resilient, as the skilled talent on Upwork are a critical resource to businesses small and large," said Hayden Brown, CEO of Upwork.

"Fueled by our continued investments in human-centered AI and innovation, growing advertising and subscription products, our differentiated Enterprise offering, and new integrations with marquee partners, we are confident in and excited about our long-term strategic plan to drive growth and transform work in 2024 and beyond," Brown added.

Outlook: Upwork sees first-quarter adjusted earnings between 17 cents and 19 cents per share, versus the 14 cents per share estimate, and revenue of between $183 million and $188 million, versus the $181.63 estimate.

Upwork sees full-year 2024 adjusted earnings of between 77 cents and 81 cents per share versus the 71 cents per share estimate and full-year revenue between $760 million and $780 million versus the $778.03 million estimate.

Related News: Cisco Q2 Earnings And Revenue Beat, Cuts 5% Of Global Workforce

UPWK Price Action: According to Benzinga Pro, Upwork shares are trading up by 4.99% after-hours at $16.00 at the time of publication.

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