Freelancing firm Upwork jumps on upbeat annual forecast

Upwork

08/11/2023 10:34

** Shares of freelancing platform Upwork  UPWK.O  rise 20.2%
to $14.45 premarket
    ** Co now sees FY23 revenue forecast between $680 mln and
$685 mln, up from prior forecast of $665 mln and $675 mln
    ** Updated annual revenue guidance beats average analyst
estimate of $679.5 mln - LSEG data 
    ** Co raises FY adj EPS forecast to be in the range of $0.47
and $0.49, above Wall Street view of $0.43
    ** Co sees Q4 revenue in the range of $175 mln and $180 mln
and expects Q4 adj EPS between $0.16 and $0.18, both in line
with estimates 
    ** Six of 11 brokerages rate the stock "buy" or higher, five
"hold"; their median PT is $16
    ** Up to Tuesday's close, stock had risen 15.2% YTD

 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com;))