Upwork Q3 revenue up 24% to $158.6M; GAAP net loss $(24.8)M, adj EBITDA loss $(2.9)M

UPWORK, INC

2022-Q3 EPS reported -$0.56 revenue$456,876,000

Revenue $158.6M (+24% YoY); GSV >$11B (+14% YoY).
GAAP net loss $(24.8)M; adjusted EBITDA loss $(2.9)M.
Enterprise Revenue $12.5M (+41% YoY); 25 new Enterprise Clients, below target due to operational/macro headwinds.
Invested ~$19M in brand marketing in Q3; expects similar in Q4.
Softness in client acquisition/retention stabilized, more pronounced in Europe and SMBs.

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