---
schema_version: "secwatch.filing_event.v1"
accession: "0001627475-23-000030"
form_type: "8-K"
ticker: "UPWK"
cik: "0001627475"
company_name: "UPWORK, INC"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-16T01:08:04.289708+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Upwork Q1 rev +14% to $160.9M; cuts 15% of staff; CSO departs

## Summary
- Revenue $160.9M (+14% YoY); GAAP net income $17.2M; adjusted EBITDA -$2.9M.
- Reduced workforce by 137 roles (~15% of FTEs); cut H2 brand media spend by $22M (94% reduction).
- Expects >$80M annualized cost savings; Q4 2023 adjusted EBITDA margin target ~15%.
- Chief Sales Officer Eric Gilpin to step down; stays as advisor through June 30, 2023.
- Repurchased >$200M principal of 2026 convertible notes at a discount.

## SEC filing metadata
- accession: 0001627475-23-000030
- form_type: 8-K
- ticker: UPWK
- cik: 0001627475
- company_name: UPWORK, INC
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1627475/000162747523000030/0001627475-23-000030-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1627475/000162747523000030/upwork-20230502.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001627475-23-000030
- JSON: https://secwatch.observer/filing/0001627475-23-000030.json
- Plain text: https://secwatch.observer/filing/0001627475-23-000030.txt

## Key facts
- Earnings Releases
  UPWORK, INC reported the quarter ended March 31, 2023 results: revenue $160.9 million, net income $17.2 million. Guidance lowered.
  - Period: the quarter ended March 31, 2023
  - Revenue: $160.9 million
  - Net income: $17.2 million
  - Guidance: lowered
  - Result: reported results
  source text: first-quarter revenue growth of 14% year-over-year to $160.9 million. We had GAAP net income of $17.2 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1627475/000162747523000030/0001627475-23-000030-index.htm
- Executive change
  Eric Gilpin resigned as Chief Sales Officer at UPWORK, INC.
  - Action: resigned
  - Role: Chief Sales Officer
  source text: On May 3, 2023, the Company announced that Eric Gilpin, the Company's Chief Sales Officer, will depart from the Company and that the Company has reached an agreement regarding Mr. Gilpin's resignation.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1627475/000162747523000030/0001627475-23-000030-index.htm

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