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.

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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. 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