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Sep 30, 2020
Upwork Q3 2020 Earnings Report
Upwork's Q3 2020 performance was driven by both existing and new clients, who adopted Upwork in record numbers.
Key Takeaways
Upwork's Q3 2020 financial results showed significant growth, with revenue increasing by 24% year-over-year to $96.7 million. The marketplace revenue also grew by 26% year-over-year, and the marketplace take rate improved to 13.6%.
Gross Services Volume (GSV) increased by 23% year-over-year to $654.5 million.
Revenue grew 24% year-over-year to $96.7 million, exceeding guidance.
Marketplace revenue grew 26% year-over-year to $88.0 million.
Marketplace take rate was 13.6%, up from 13.3% a year ago.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2020, Upwork expects revenue in the range of $96 million to $98 million with weighted-average shares outstanding in the range of 122 million to 124 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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