UPWORK, INC (UPWK): restructuring charge — Upwork cuts 21% workforce, pre-announces Q3 beat with record 22% adjusted EBITDA margin

UPWORK, INC

Workforce reduction of 21% as part of restructuring plan; expects $60M annualized cost savings.
Preliminary Q3 2024 results exceed revenue and adjusted EBITDA guidance; record 22% adjusted EBITDA margin.
Pre-tax charges of $17-22M estimated, mostly cash, to be recognized in Q4 2024.
Ernesto Lamaina appointed GM of Enterprise to sharpen enterprise strategy.
Restructuring includes flattening teams, leveraging automation, and optimizing R&D spend.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

UPWORK, INC announced a restructuring with charges of approximately $17 million to $22 million affecting company-wide (21%).

Type: restructuring
Charge: approximately $17 million to $22 million
Affected area: company-wide
Headcount: 21%

Exact text from the filing

In connection with these actions, the Company estimates that it will incur approximately $17 million to $22 million in pre-tax charges to its GAAP financial results, consisting primarily of severance and other one-time termination benefits for the Company’s impacted workforce.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

UPWORK, INC filing history →

Source: SEC EDGAR

accession 0001193125-24-241498

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