Upwork climbs on FY forecast raise, Q1 results beat

Upwork

02/05/2024 14:16

** Freelancing platform Upwork's  UPWK.O  shares rise 8.3%
to $12.95 premarket
    ** Company forecasts FY24 revenue of $770 mln to $782 mln,
up from prior outlook of $760 mln to $780 mln, vs LSEG est for
annual revenue of $778.6 mln
    ** Upwork forecasts Q2 revenue between $190 mln and $195
mln, vs est $193.2 mln
    ** Company reports Q1 revenue of $190.9 mln vs est $185.9
mln, adj EPS of $0.22 vs est $0.19
    ** 8 of 10 brokerages rate stock "buy" or higher, 2 "hold";
median PT $19
    ** As of Wednesday's close, stock down 19.6% YTD

 (Reporting by Khushi Singh in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com))