Upwork Shares Climb 24% on Preliminary 3Q Results, Job Cuts

Dow Jones

2024-10-24

By Jasmine Li

Shares of Upwork rallied after the freelance marketplace company released preliminary results that topped guidance and said it would cut 21% of its workforce.

The stock rose 24% to $12.47 in Wednesday afternoon trading. Shares are down 16% this year.

San Francisco-based Upwork said it now expects $194 million in revenue for the third quarter, after forecasting for $179 million to $184 million.

Upwork said it expects planned job cuts to generate about $60 million in annualized cost savings. The move will flatten team structures, and the company will use more automation and third-party services to increase efficiency, Upwork said.

The company had about 800 employees at the end of 2023, according to its latest annual filing with Securities and Exchange Commission.

Upwork is set to report third-quarter results on Nov. 6 after market close.

Write to Jasmine Li at jasmine.li@wsj.com

(MORE TO FOLLOW) Dow Jones Newswires

October 23, 2024 14:37 ET (18:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

1
2
3
4
5
6
7
8
9
10

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2477479550"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2477479550\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2477479550?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-10-24 02:37","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2477479550","market":"fut","top_or_hot":-1,"title":"Upwork Shares Climb 24% on Preliminary 3Q Results, Job Cuts","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Jasmine Li \n</p>\n<p>\n  Shares of Upwork rallied after the freelance marketplace company released preliminary results that topped guidance and said it would cut 21% of its workforce. \n</p>\n<p>\n  The stock rose 24% to $12.47 in Wednesday afternoon trading. Shares are down 16% this year. \n</p>\n<p>\n  San Francisco-based Upwork said it now expects $194 million in revenue for the third quarter, after forecasting for $179 million to $184 million. \n</p>\n<p>\n  Upwork said it expects planned job cuts to generate about $60 million in annualized cost savings. The move will flatten team structures, and the company will use more automation and third-party services to increase efficiency, Upwork said. \n</p>\n<p>\n  The company had about 800 employees at the end of 2023, according to its latest annual filing with Securities and Exchange Commission. \n</p>\n<p>\n  Upwork is set to report third-quarter results on Nov. 6 after market close. \n</p>\n<p>\n  Write to Jasmine Li at jasmine.li@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  October 23, 2024 14:37 ET (18:37 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Upwork Shares Climb 24% on Preliminary 3Q Results, Job Cuts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUpwork Shares Climb 24% on Preliminary 3Q Results, Job Cuts\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-10-24 02:37</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Jasmine Li \n</p>\n<p>\n  Shares of Upwork rallied after the freelance marketplace company released preliminary results that topped guidance and said it would cut 21% of its workforce. \n</p>\n<p>\n  The stock rose 24% to $12.47 in Wednesday afternoon trading. Shares are down 16% this year. \n</p>\n<p>\n  San Francisco-based Upwork said it now expects $194 million in revenue for the third quarter, after forecasting for $179 million to $184 million. \n</p>\n<p>\n  Upwork said it expects planned job cuts to generate about $60 million in annualized cost savings. The move will flatten team structures, and the company will use more automation and third-party services to increase efficiency, Upwork said. \n</p>\n<p>\n  The company had about 800 employees at the end of 2023, according to its latest annual filing with Securities and Exchange Commission. \n</p>\n<p>\n  Upwork is set to report third-quarter results on Nov. 6 after market close. \n</p>\n<p>\n  Write to Jasmine Li at jasmine.li@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  October 23, 2024 14:37 ET (18:37 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2477479550","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477479550","pubTimestamp":1729708620,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of Upwork rallied after the freelance marketplace company released preliminary results that topped guidance and said it would cut 21% of its workforce.The stock rose 24% to $12.47 in Wednesday afternoon trading. Shares are down 16% this year.San Francisco-based Upwork said it now expects $194 million in revenue for the third quarter, after forecasting for $179 million to $184 million.Upwork said it expects planned job cuts to generate about $60 million in annualized cost savings. The move will flatten team structures, and the company will use more automation and third-party services to increase efficiency, Upwork said.The company had about 800 employees at the end of 2023, according to its latest annual filing with Securities and Exchange Commission.Upwork is set to report third-quarter results on Nov. 6 after market close.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"Upwork股价因第三季度初步业绩和裁员而上涨24%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UPWK":0.9},"content_text":"By Jasmine Li \n\n\n  Shares of Upwork rallied after the freelance marketplace company released preliminary results that topped guidance and said it would cut 21% of its workforce. \n\n\n  The stock rose 24% to $12.47 in Wednesday afternoon trading. Shares are down 16% this year. \n\n\n  San Francisco-based Upwork said it now expects $194 million in revenue for the third quarter, after forecasting for $179 million to $184 million. \n\n\n  Upwork said it expects planned job cuts to generate about $60 million in annualized cost savings. The move will flatten team structures, and the company will use more automation and third-party services to increase efficiency, Upwork said. \n\n\n  The company had about 800 employees at the end of 2023, according to its latest annual filing with Securities and Exchange Commission. \n\n\n  Upwork is set to report third-quarter results on Nov. 6 after market close. \n\n\n  Write to Jasmine Li at jasmine.li@wsj.com \n\n\n \n\n\n  (MORE TO FOLLOW) Dow Jones Newswires\n\n\n  October 23, 2024 14:37 ET (18:37 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}