Why Upwork's Stock Is Trading Higher Today


Upwork Inc UPWK is trading higher Tuesday after CEO Hayden Brown said the company is seeing increased demand for freelancers amid the increase in more flexible work environments.

What Happened: Brown appeared Monday on CNBC's "Closing Bell" to discuss the rise in demand for remote freelance platforms like Upwork.

Companies have gotten over their fears of engaging with remote talent as a result of the COVID-19 pandemic, Brown said.  The freelance economy of skilled workers can offer better solutions than many traditional ways of finding employment, she noted. 

Brown expects the demand for freelancers to continue to be elevated beyond the pandemic, citing a trend of increasing demand that began before the pandemic. 

Companies want the agility of a more flexible workforce and access to people with skills beyond what is available in their local regions, she noted.

The freelance model is also being favored over traditional employment methods by the workers themselves, Brown added, as 79% of companies that increased their exposure to freelance workers plan to make the changes permanent.

The smartest companies are figuring out that in order to get the skilled workers they need, they have to implement strategies and tools to make freelance workers want to join their workforces, Brown emphasized: "These are the workers of the future."

Price Action: Upwork has traded as high as $63.88 and as low as $12.06 over a 52-week period.

At last check Tuesday, the stock was up 9.06% at $53.42.

Photo courtesy of Upwork.

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