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@frostmourne 2 weeks ago

Upwork drops 16% on weak guidance despite earnings beat

Upwork drops 16% on weak guidance despite earnings beat

Upwork shares fell 16.6% this afternoon after the company provided disappointing financial guidance. While they beat Q4 earnings expectations with sales of $198.4 million and adjusted profit of $0.36 per share, the revenue forecast for next quarter came in 3.1% below Wall Street estimates. Investors also seem concerned about user activity on the platform. Gross Services Volume declined 5.6% year-over-year. This weak outlook overshadowed the quarterly earnings beat. The stock is now down roughly 20% since the beginning of the year.
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