Shares of Upwork Inc. (NASDAQ: UPWK), the world's largest freelancing platform, surged 11.25% in after-hours trading on Monday, November 6th, 2024, following the company's better-than-expected third-quarter results and raised full-year guidance.

For the third quarter of 2024, Upwork reported record revenue of $193.8 million, a 10% increase from the prior-year period, beating analysts' estimates of $185.9 million. The company's strong top-line growth was driven by solid demand for its marketplace and enterprise offerings, as well as its growing artificial intelligence (AI) capabilities.

Upwork's adjusted EBITDA for the quarter came in at $43.2 million, surpassing expectations of $39.7 million, while net income soared 70% year-over-year to a record $27.8 million, or $0.20 per diluted share.

The company's impressive performance was fueled by continued innovation in its AI-powered tools, such as Uma™, Upwork's Mindful AI assistant. These AI capabilities helped streamline key steps in matching clients with the right freelance professionals, further solidifying Upwork's position as a leading platform for skilled independent talent.