By Stephen Nakrosis
Shares of Upwork were trading higher in the after-hours market Wednesday, following the release of third-quarter financial results and news the company has agreed to buy Objective AI.
Upwork said the Objective AI acquisition would enhance its core search and match performance, and strengthen its AI and machine learning team, among other benefits.
After the bell, shares of Upwork hit $16.80, before giving back some gains. At 6:30 p.m., shares were trading 5.8% higher, at $15.42.
The stock hit a 52-week intraday high of $16.36 on Jan. 9.
Shares finished the day's regular session with a 1.3% gain, closing at $14.58.
The work marketplace reported third-quarter earnings per share of 20 cents on revenue of $193.8 million. Analysts were expecting EPS of 14 cents on revenue of $185.9 million, according to FactSet.
Upwork also said it was expecting fourth-quarter revenue in a range of $178 million to $183 million, and 2024 revenue in a range of $756 million to $761 million. Previously, the company said it was expecting 2024 revenue in a range of $735 million to $745 million.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 06, 2024 18:30 ET (23:30 GMT)
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