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Mar 31, 2021
Upwork Q1 2021 Earnings Report
Upwork's Q1 2021 financial results were reported, showing significant growth in GSV and revenue.
Key Takeaways
Upwork reported a strong start to 2021 with a 41% year-over-year increase in GSV to $786.8 million and a 37% increase in revenue to $113.6 million. The company's net loss was $7.8 million, or $(0.06) per share, while non-GAAP net income was $4.2 million, or $0.03 per share.
GSV increased by 41% year-over-year to $786.8 million.
Revenue grew 37% year-over-year to $113.6 million.
Marketplace revenue grew 40% year-over-year to $104.7 million.
Non-GAAP net income was $4.2 million, or $0.03 per share.
Revenue by Segment
Forward Guidance
Upwork provided guidance for the second quarter and full year 2021, factoring in the expected impacts of the COVID-19 pandemic. For Q2 2021, Upwork expects revenue in the range of $119 million to $121 million and adjusted EBITDA in the range of $2 million to $3 million. For the full year 2021, Upwork expects revenue in the range of $480 million to $490 million and adjusted EBITDA in the range of $16 million to $20 million.
Positive Outlook
- Revenue in the range of $119 million to $121 million for Q2 2021
- Adjusted EBITDA in the range of $2 million to $3 million for Q2 2021
- Revenue in the range of $480 million to $490 million for full year 2021
- Adjusted EBITDA in the range of $16 million to $20 million for full year 2021
- Weighted average shares outstanding in the range of 128 million to 132 million for full year 2021
Challenges Ahead
- Impacts of the COVID-19 pandemic on business and industry
- Impact, severity and duration of safety measures put in place to mitigate the impact of the COVID-19 pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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