Shares of Upwork Inc. (NASDAQ: UPWK), the world's largest freelancing platform, surged in after-hours trading on November 6th, 2024, following the company's impressive third-quarter results and upbeat outlook. Upwork reported record revenue of $193.8 million, marking a 10% increase year-over-year, driven by robust demand for its marketplace, enterprise offerings, and growing adoption of its cutting-edge artificial intelligence (AI) capabilities.
The company's strong performance was fueled by its continued focus on enhancing its AI-powered tools, including Uma, Upwork's Mindful AI assistant. These innovative AI capabilities streamlined key steps in matching clients with the right freelance professionals, further solidifying Upwork's position as the go-to platform for skilled independent talent.
Upwork achieved an all-time high net income of $27.8 million, or $0.20 per diluted share, representing a staggering 70% increase from the prior-year period. Additionally, the company reported record adjusted EBITDA of $43.2 million, surpassing expectations and demonstrating its steadfast commitment to enhancing profitability and margin expansion.
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