Upwork Q3 GAAP net income $16.3M vs loss; raises FY2023 guidance; authorizes $100M buyback

UPWORK, INC

2023-Q3 EPS reported -$0.06 revenue$505,202,000

Revenue $175.7M, +11% YoY; GAAP net income $16.3M ($0.12 EPS) vs ($24.8M) loss prior year.
Adjusted EBITDA $31.2M vs ($2.9M) loss; margin 18% vs (2%) a year ago.
Raised FY2023 revenue guidance to $680-685M and adjusted EBITDA to $67-71M.
Board authorized $100M share repurchase program with no expiration date.
Marketplace take rate 15.9% (up from 14.3%); added 23 new Enterprise clients in Q3.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UPWORK, INC reported quarter ended September 30, 2023 results: revenue $175.7 million, net income $16.3 million. Guidance raised.

Period: quarter ended September 30, 2023
Revenue: $175.7 million
Net income: $16.3 million
Guidance: raised
Result: reported results

Exact text from the filing

We achieved better-than-expected results across our financial goals, generating third-quarter 2023 revenue of $175.7 million, up 11% from a year ago. We recorded GAAP net income of $16.3 million and adjusted EBITDA of $31.2 million this quarter

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Source: SEC EDGAR

accession 0001627475-23-000055

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