Upwork reported a strong first quarter in 2024, with revenue growing 19% year-over-year to $190.9 million. Net income increased to $18.4 million, and adjusted EBITDA reached $33.3 million. The company is raising its revenue and Adjusted EBITDA outlook for 2024 and has established a five-year Adjusted EBITDA margin target of 35%.
Revenue grew 19% year-over-year to $190.9 million.
Net income was $18.4 million, compared to $17.2 million in the first quarter of 2023.
Adjusted EBITDA was $33.3 million, a significant increase from the $(2.9) million loss in the prior year.
Active clients increased by 5% year-over-year, reaching over 872,000.
Upwork's guidance for the second quarter of 2024 includes revenue between $190 million and $195 million, and adjusted EBITDA between $32 million and $36 million. For the full year 2024, Upwork projects revenue between $770 million and $782 million, and adjusted EBITDA between $140 million and $150 million.
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