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Tue, May 24 at 4:00PM ET

Upwork News: Why UPWK Stock Is Soaring Today

Upwork (NASDAQ:UPWK) stock is skyrocketing on Thursday after the company reported its earnings for the third quarter of fiscal year 2020 on Wednesday. This comes after revenue of $96.75 million beat Wall Street’s estimate of $90.44 million. Also, the company’s adjusted earnings per share (EPS) of 4 cents beats analysts’ expectations of an 8-cent loss during the quarter.

upwork (UPWK) logo on a building

Source: Sundry Photography / Shutterstock.com

Additionally, the company reported GAAP losses per share of 2 cents for the period.

Here is what else is worth mentioning from the most recent UPWK stock earnings report.

  • Adjusted EPS was 300% higher from 1 cent during Q3 2019.
  • Revenue for the quarter comes in 24% greater compared to $78.02 million during the same time last year.
  • Operating loss of $3.03 million is 17.9% better year-over-year than a loss of $3.69 million.
  • The Upwork earnings report also included net loss of $2.75 million.
  • That is a 22.5% improvement from a $3.55 million loss in the third quarter of 2019.

Hayden Brown, President and CEO of Upwork, said this about the UPWK stock earnings:

“Our third quarter performance was fueled by strength from both existing and new clients, who adopted Upwork in record numbers. As the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume, we have been building capabilities and tools for a world now increasingly ready to use them.”

The company mentions some guidance for Q4 of FY2020, and notes that it factors in the effects of the novel coronavirus pandemic. That said, the company is looking for revenue of between $96-$98 million for the period. Meanwhile, Wall Street analysts are calling for revenue of $92.66 million.

UPWK stock was up 40.7% as of Thursday morning.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Nick Clarkson is a Web Editor at InvestorPlace.

Article printed from InvestorPlace Media, https://investorplace.com/2020/11/upwork-news-why-upwk-stock-is-soaring-today/.

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