---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-241498"
form_type: "8-K"
ticker: "UPWK"
cik: "0001627475"
company_name: "UPWORK, INC"
filed_at: "2024-10-23T23:59:59+00:00"
generated_at: "2026-05-30T11:06:13.314105+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Upwork cuts 21% workforce, pre-announces Q3 beat with record 22% adjusted EBITDA margin

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-241498
- form_type: 8-K
- ticker: UPWK
- cik: 0001627475
- company_name: UPWORK, INC
- filed_at: 2024-10-23T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 2.05, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1627475/000119312524241498/0001193125-24-241498-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1627475/000119312524241498/d874056d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-241498
- JSON: https://secwatch.observer/filing/0001193125-24-241498.json
- Plain text: https://secwatch.observer/filing/0001193125-24-241498.txt

## Key facts
- Restructurings & Charges
  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%
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1627475/000119312524241498/0001193125-24-241498-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.