Upwork Third Quarter 2024 Earnings: Beats Expectations

Upwork (NASDAQ:UPWK) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$193.8m (up 10% from 3Q 2023).
• Net income: US$27.8m (up 70% from 3Q 2023).
• Profit margin: 14% (up from 9.3% in 3Q 2023).
• EPS: US$0.21 (up from US$0.12 in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Upwork Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 25%.

Looking ahead, revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in the US.

Performance of the American Professional Services industry.

The company's shares are up 20% from a week ago.

Risk Analysis

We should say that we've discovered 2 warning signs for Upwork that you should be aware of before investing here.

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