Upwork (NASDAQ:UPWK) earnings for the freelancing company’s third quarter of 2019 have UPWK stock taking a beating on Wednesday. This is despite its adjusted EPS of 2 cents and revenue of $78.79 million. These are both above Wall Street’s estimates of adjusted losses-per share of -4 cents and revenue of $77.76 million.
Let’s take a deeper look into the most recent Upwork earnings report.
- Adjusted earnings per share are an improvement over losses in the same period of the year prior.
- Revenue is sitting up 22.86% YoY from $64.13 million.
- Loss from operations of -$2.97 million is a 10.81% improvement over -$3.33 million in the third quarter of 2018.
- The Upwork earnings report also includes a net loss of -$2.83 million for Q3 2019.
- This is 59.59% narrower than the company’s net loss of -$7.35 million reported during the same time last year.
Stephane Kasriel, President and CEO of Upwork, says this about the Q3 UPWK stock earnings.
“Our enterprise strategy is setting us up to address a sizable market opportunity and is showing signs of success. We’ve made investments in enterprise sales, marketing, and product to better address the needs of staffing buyers and results show it. Enterprise sales are on track to drive 20% of incremental revenue in 2019, while clients on the Upwork Business and Enterprise offerings boast a client spend retention number above 125%.”
The bad news in the Upwork earnings report comes from its outlook for the fourth quarter of 2019. This has it expecting revenue ranging from $79 million to $79.50 million. Unfortunately for UPWK stock, the high end of this guidance is below Wall Street’s estimate of $82.33 million.
UPWK stock was down 5.77% in after-hours trading on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.