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Jun 30, 2021
Upwork Q2 2021 Earnings Report
Reported fourth consecutive quarter of accelerating year-over-year growth in GSV and revenue.
Key Takeaways
Upwork reported a 42% year-over-year increase in revenue to $124.2 million and a 50% year-over-year increase in GSV to $875.8 million. The company's net loss was $16.5 million, or $(0.13) per basic share. Non-GAAP net income was $4.6 million, or $0.03 per diluted share.
GSV increased by 50% year-over-year to $875.8 million.
Revenue grew 42% year-over-year to $124.2 million.
Marketplace revenue grew 46% year-over-year to $114.5 million.
Non-GAAP net income was $4.6 million, or $0.03 per diluted share.
Revenue by Segment
Forward Guidance
Upwork is providing the following guidance for its third quarter and full year 2021: For the third quarter of 2021, Upwork expects to report Revenue in the range of $125 million to $127 million, Adjusted EBITDA in the range of $4 million to $5 million, Diluted weighted-average shares outstanding in the range of 134 million to 136 million and Non-GAAP diluted EPS in the range of $0.01 to $0.03. For the full year 2021, Upwork expects to report Revenue in the range of $490 million to $494 million, Adjusted EBITDA in the range of $16 million to $20 million, Diluted weighted-average shares outstanding in the range of 133 million to 137 million and Non-GAAP diluted EPS in the range of $0.05 to $0.07.
Positive Outlook
- Revenue in the range of $125 million to $127 million for Q3 2021
- Adjusted EBITDA in the range of $4 million to $5 million for Q3 2021
- Diluted weighted-average shares outstanding in the range of 134 million to 136 million for Q3 2021
- Non-GAAP diluted EPS in the range of $0.01 to $0.03 for Q3 2021
- Revenue in the range of $490 million to $494 million for FY 2021
Challenges Ahead
- Adjusted EBITDA in the range of $16 million to $20 million for FY 2021
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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