Stock Track | Upwork Soars 6.70% After Hours as Record Q4 Revenue and Profit Drive Growth Outlook

Stock Track

12 Feb

Shares of Upwork Inc. (UPWK) surged 6.70% in after-hours trading on Wednesday after the company reported strong fourth quarter and full year 2024 financial results.

The key driver behind the stock rally was Upwork's record revenue of $191.5 million for Q4, beating consensus estimates of $180.4 million. The company also delivered its highest ever adjusted EBITDA of $50.2 million or 26% margin. For the full year 2024, Upwork reported revenue of $769.3 million, GAAP net income of $215.6 million, and adjusted EBITDA of $167.6 million.

Upwork's strong performance was driven by the increasing adoption of its AI-powered work solutions and robust growth in its AI-related work category. The company's GSV from AI-related work grew 60% year-over-year in 2024, while the number of clients engaging in AI-related projects increased 42%. Upwork's CEO Hayden Brown highlighted the company's progress in bringing new AI innovations to market, positioning it to gain further market share as a trusted source of high-quality talent and work outcomes powered by AI.

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