Shares of Upwork Inc. (UPWK), the leading freelancing platform, soared 5.33% in pre-market trading on Thursday, February 13th, 2025. The stock's rally followed the company's impressive fourth quarter and full-year 2024 earnings report, which showcased Upwork's resilience and growth amid economic headwinds.
Upwork reported a 12% year-over-year increase in revenue for the full year 2024, reaching a record $769.3 million. The company's gross margin stood at an impressive 77.4%, while its adjusted EBITDA margin hit an all-time high of 21.8%, reflecting the company's focus on profitability and operational efficiency.
A key highlight of the earnings report was the rapid adoption of AI-related services on the Upwork platform. Gross services volume (GSV) from AI-related work grew a remarkable 60% year-over-year in 2024, driven by surging demand for skills like prompt engineering, which saw a 93% increase in the fourth quarter. Additionally, freelancers working on AI-related projects earned 44% more per hour than those working on non-AI projects, underscoring the platform's ability to address critical skill gaps and emerging business needs.
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