Upwork Inc (NASDAQ:UPWK) shares are tumbling in Thursday’s after-hours session after the company posted first-quarter results showing weakness on the top line.
- Upwork stock is at significant support. What’s behind UPWK weakness?
Upwork Q1 Highlights
Upwork reported first-quarter revenue of $195.48 million, missing analyst estimates of $195.90 million, according to Benzinga Pro. The company reported first-quarter adjusted earnings of 35 cents per share, beating analyst estimates of 27 cents per share.
Total revenue increased 1% year-over-year. Active clients totaled 784,000 at quarter’s end. Gross services volume per active client came in at $5,138, up 5% year-over-year. Upwork generated $23 million in cash from operations and $12.90 million in free cash flow during the quarter.
“This was a dynamic first quarter, where we delivered strong profitability while navigating a challenging demand environment,” said Hayden Brown, president and CEO, Upwork.
“With …
