Upwork shares drop on Q4 revenue beat, in-line profit
Online freelance marketplace Upwork this afternoon reported Q4 revenue that topped Wall Street's expectations, and profit in line with consensus, and an outlook for this quarter, and the full year, for revenue better than expected but profit below consensus.
The report sent Upwork shares down 7% in late trading.
CEO Hayden Brown remarked in the company's shareholder letter that "2021 was a remarkable year for Upwork, not only in how far we pushed our business forward but also in how clearly it has set our path for continued performance in 2022 and beyond."
Added Brown, "During the fourth quarter, Upwork surpassed $15 billion in lifetime talent earnings. This achievement highlights the magnitude of impact we have had and signals how we are leading the global movement to reimagine work."
Revenue in the three months ended in December rose to $136.9 million, yielding a net loss of 5 cents a share.
Analysts had been modeling $131 million and negative 5 cents per share.
Upwork said its measure of the total value of labor sourced in its marketplace, called the gross services volume, rose by 35% to $980 million
For the current quarter, the company sees revenue of $139 million to $141 million, and a net loss in a range of 11 cents to 13 cents. That compares to consensus for $139 million and a 3-cent profit per share.
For the full year, the company sees revenue in a range of $620 million to $630 million, and net loss in a range of 8 cents to 11 cents a share. That compares to consensus of $621 million and a 21-cent profit per share.