Upwork (NASDAQ:UPWK) Full Year 2024 Results

Key Financial Results

• Revenue: US$769.3m (up 12% from FY 2023).
• Net income: US$215.6m (up 360% from FY 2023).
• Profit margin: 28% (up from 6.8% in FY 2023). The increase in margin was primarily driven by lower expenses.
• EPS: US$1.61 (up from US$0.35 in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Upwork Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 139%.

In the last 12 months, the only revenue segment was Staffing & Outsourcing Services contributing US$769.3m. The largest operating expense was Research & Development (R&D) costs, amounting to US$209.3m (39% of total expenses). Over the last 12 months, the company's earnings were enhanced by non-operating gains of US$150.4m. Explore how UPWK's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Professional Services industry in the US.

Performance of the American Professional Services industry.

The company's shares are up 5.0% from a week ago.

Risk Analysis

You still need to take note of risks, for example - Upwork has 2 warning signs we think you should be aware of.

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