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Jun 30, 2024
Upwork Q2 2024 Earnings Report
Upwork's Q2 2024 financial performance was marked by strong revenue growth and record net income, demonstrating the strength of its business model.
Key Takeaways
Upwork reported a strong second quarter in 2024, with revenue up 15% year-over-year to $193.1 million and net income reaching a record $22.2 million. The company saw growth in active clients and significant increases in adjusted EBITDA and free cash flow.
Revenue grew 15% year-over-year, reaching $193.1 million.
Net income reached a record high of $22.2 million, compared to a net loss in the previous year.
Active clients increased by 6% year-over-year, exceeding 868,000.
Adjusted EBITDA significantly improved to $40.8 million, more than doubling from the previous year.
Revenue by Segment
Forward Guidance
Upwork's guidance for the third quarter of 2024 includes revenue between $179 million and $184 million, and adjusted EBITDA between $36 million and $39 million. For the full year 2024, Upwork anticipates revenue between $735 million and $745 million, and adjusted EBITDA between $140 million and $150 million.
Positive Outlook
- Revenue: $179 million to $184 million for Q3 2024
- Adjusted EBITDA: $36 million to $39 million for Q3 2024
- Revenue: $735 million to $745 million for full year 2024
- Adjusted EBITDA: $140 million to $150 million for full year 2024
- Non-GAAP diluted EPS: $0.23 to $0.25 for Q3 2024
Challenges Ahead
- Diluted weighted-average shares outstanding: 139 million to 141 million for Q3 2024
- Non-GAAP diluted EPS: $0.90 to $0.94 for full year 2024
- Diluted weighted-average shares outstanding: 139 million to 143 million for full year 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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