Why Freelancing Platform Upwork's Shares Are Surging Today

  • Grand News Network
  • November 8, 2023

Upwork Inc (NASDAQ: UPWK) shares are trading higher by around 20% after it reported Q3 FY23 results.

Revenue rose 11% Y/Y to $175.7 million, beating the consensus of $168.2 million.

Marketplace revenue increased 11% Y/Y to $161.7 million, led by take rate expansion on strength in the ads products and shift to a simplified, flat-fee pricing structure. 

Total take rate stood at 17.1% in Q3, vs. 15.4% a year ago, with Marketplace take rate of 15.9% (up from 14.3% the prior year).

The company signed 23 new Enterprise clients ...

Full story available on Benzinga.com

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