UPWK Stock: Why Upwork Shares Are Falling Down Today

Upwork (NASDAQ:UPWK) stock is falling hard on Friday following the release of the freelancing platform’s earnings report for the second quarter of 2021.

upwork (UPWK) logo on a building representing UPWK Stock

Source: Sundry Photography / Shutterstock.com

The bad news for UPWK stock has to do with the company’s losses per share of 13 cents for the quarter. That’s wider than the -9 cents reported during the same period of the year prior. It’s also a worse result than the -9 cents per share that Wall Street was estimating.

That’s really the major news hitting UPWK stock today as the rest of its earnings report for Q2 was above estimates. That includes revenue climbing 42% higher year-over-year to $124.2 million. That’s better than analysts’ estimates of $120.24 million.

Hayden Brown, president and CEO of Upwork, also said the following in the earnings report.

“We will continue to innovate, scale, and increase awareness of our work marketplace as we transform from a single product company to a multi-product company to capture an even larger part of our $1.3 trillion market opportunity.”

The outlook provided for Q3 isn’t bad, either. The company is expecting earnings per share between 1 cent and 3 cents with revenue ranging from $125 million to $127 million. Wall Street’s estimates call for losses per share of 5 cents on revenue of $124.48 million for the quarter.

UPWK stock is also seeing heavy trading today. As of this writing, nearly 4 million shares have changed hands. For perspective, the company’s daily average trading volume is about 1.8 million shares.

UPWK stock was down 11.7% as of Friday afternoon but is still up 51.3% since the start of the year.

There’s more stock market news for traders to check out below besides what’s happening with Upwork.

InvestorPlace has all the latest stock market coverage that traders need to know about for Friday. A few stories to consider diving deeper into include what to know about SCWorx (NASDAQ:WORX), an update on Chinese EV stocks, as well as our midday market update. You can get all of the details for those subjects by following the links below!

More Stock Market News for Friday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/07/upwk-stock-why-upwork-shares-are-falling-down-today/.

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