Freelancing firm Upwork jumps on profit beat, forecast rise

Upwork

03/08/2023 11:33

** Shares of freelancing platform Upwork  UPWK.O  up 18.5%
at $11.81 premarket after company beats Q2 results and raises
its FY forecasts
    ** Co, which operates a work marketplace that connects
businesses with freelance writers, journalists and other
professionals, says AI was the fastest growing category on
Upwork in the first half of 2023 
    ** On competition from AI, Upwork CEO Heyden Brown says on
conference call company witnessed "virtually no negative impact
in the vast majority of categories" 
    ** Piper Sandler says while likely not out of the woods yet
from an investor perspective, the results and guidance should
help remove the "AI Killer" stigma
    ** Average rating of 10 brokerages covering stock is "buy";
median PT $14, down from $17 3-months ago
    ** Stock has nearly halved in the past 12 months compared to
10% rise in the S&P 500  .SPX 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))