Shares of work marketplace Upwork (NASDAQ:UPWK) are tanking in the pre-market session today after the company announced first-quarter numbers.
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Revenue rose 13.8% year-over-year to $160.8 million, surpassing estimates by $1.8 million. Net loss per share at $0.01 landed at the higher end of the consensus range between -$0.16 to $0.05. The company clocked $1 billion in gross service volume during the quarter.
Additionally, the number of active clients on the platform rose 4% year-over-year to $827,000 during the quarter. What’s more, higher average spending resulted in GSV per client increasing by 5% to $4,967 as of March 31, 2023.
Looking ahead, Upwork expects second-quarter revenue to land between $161 million and $164 million. EPS for the period is anticipated between $0 to $0.02. The company though, provided a tepid financial outlook for the full year 2023.
For the year, revenue is anticipated between $655 million and $670 million. EPS is seen landing between $0.24 and $0.28.
Overall, the Street has a $15.50 consensus price target on Upwork, implying a potential upside of 90.4% in the stock.
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