Shares of Upwork Inc. (NASDAQ: UPWK) surged over 7% on Monday, November 6th, 2024, after the leading freelance marketplace reported exceptional third-quarter financial results that surpassed Wall Street's expectations. The company's robust performance was fueled by strong demand for its marketplace and enterprise offerings, as well as the growing adoption of its cutting-edge artificial intelligence (AI) capabilities.

For the third quarter ended September 30th, 2024, Upwork posted record revenue of $193.8 million, up 10% year-over-year, handily beating analysts' consensus estimate of $185.9 million. The company's adjusted EBITDA soared 38% to $43.2 million, outpacing projections of $39.7 million. Notably, Upwork achieved an all-time high net income of $27.8 million, or $0.20 per diluted share, marking a staggering 70% increase from the prior-year period.

The company's impressive financial results were driven by its continued focus on enhancing its AI-powered tools, such as Uma™, Upwork's Mindful AI assistant. These innovative AI capabilities streamlined key steps in matching clients with the right freelance professionals, further cementing Upwork's position as the go-to platform for skilled independent talent.