Upwork Stock Surges After Q1 Earnings And Raised FY25 Guidance: What's Going On?

Upwork Inc. UPWK shares are trading higher Tuesday following better-than-expected first-quarter earnings and an upward revision to its full-year profit forecast.

What To Know: The company reported adjusted earnings of 34 cents per share, beating the consensus estimate of 26 cents. Revenue came in at $192.71 million, also ahead of forecasts and slightly higher than the $190.94 million reported in the same quarter last year.

The number of active clients reached 812,000 and gross services volume per client increased 3% year-over-year, marking the first positive growth in that metric in six quarters.

Upwork also raised its full-year 2025 adjusted earnings per share guidance to a range of $1.14 to $1.18, up from the previous range of $1.05 to $1.10. That new guidance exceeds Wall Street's estimate of $1.07. The company maintained its full-year revenue outlook between $740 million and $760 million, roughly in line with expectations.

UPWKL Price Action: Upwork shares were up 19% at $15.85 at the time of writing, according to Benzinga Pro.

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