Shares of freelancing platform Upwork Inc. (NASDAQ: UPWK) surged in pre-market trading at the time of writing on Thursday after the company posted adjusted earnings of $0.10 per share as compared to a loss of $0.04 in the same period last year.
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The company generated revenues of $168.6 million, an increase of 7% year-over-year and ahead of Street estimates of $162.5 million. In Q2, the total take rate was at 16.3%, up from 15% in the same period last year.
Looking forward, the management expects Q3 revenues to be between $165 million and $170 million while adjusted earnings are likely to be in the range of $0.09 to $0.11 per share. In FY23, Upwork anticipates generating revenues between $665 million and $675 million, which indicates a growth of 8% year-over-year at the midpoint. Earnings are expected to be in the range of $0.36 to $0.39 per share.
Analysts are bullish about UPWK stock with a Strong Buy consensus rating based on seven Buys and two Holds.
