---
schema_version: "secwatch.filing_event.v1"
accession: "0001627475-24-000020"
form_type: "8-K"
ticker: "UPWK"
cik: "0001627475"
company_name: "UPWORK, INC"
filed_at: "2024-05-01T23:59:59+00:00"
generated_at: "2026-06-03T02:54:02.171315+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Upwork Q1 2024 revenue $190.9M (+19% YoY); GAAP net income $18.4M; raises FY2024 guidance

## Summary
- Revenue $190.9M (+19% YoY); GAAP diluted EPS $0.13 (vs. $(0.15) loss); net income $18.4M.
- Adjusted EBITDA $33.3M (vs. $(2.9)M loss); raises 2024 revenue and adjusted EBITDA outlook.
- Active clients 872,000 (+5% YoY); marketplace take rate 17.7% (vs. 14.7%); strong client engagement.
- Repurchased 5.2M shares; set 5-year target of 35% adjusted EBITDA margin.

## SEC filing metadata
- accession: 0001627475-24-000020
- form_type: 8-K
- ticker: UPWK
- cik: 0001627475
- company_name: UPWORK, INC
- filed_at: 2024-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1627475/000162747524000020/0001627475-24-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1627475/000162747524000020/upwork-20240425.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001627475-24-000020
- JSON: https://secwatch.observer/filing/0001627475-24-000020.json
- Plain text: https://secwatch.observer/filing/0001627475-24-000020.txt

## Key facts
- Earnings Releases
  UPWORK, INC reported the first quarter of 2024 results: revenue $190.9 million, net income $18.4 million, EPS $0.13. Guidance raised.
  - Period: the first quarter of 2024
  - Revenue: $190.9 million
  - Net income: $18.4 million
  - EPS: $0.13
  - Guidance: raised
  - Result: reported results
  source text: adjusted EBITDA margins within the next five years, while continuing to invest in key growth drivers.” First Quarter Financial Highlights • Revenue grew 19% year-over-year to $190.9 million in the first quarter of 2024 • Marketplace take rate was 17.7% in the first quarter of 2024 , compared to 14.7% in the first quarter of 2023 • Active clients grew 5%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1627475/000162747524000020/0001627475-24-000020-index.htm
- Governance Changes
  UPWORK, INC: Modified the definition of 'Acting in Concert' in the amended and restated bylaws (effective 2024-04-25).
  - Change: bylaw amendment
  - Effective: 2024-04-25
  source text: On April 25, 2024, the Company's board of directors adopted amended and restated bylaws, or the Amended and Restated Bylaws, effective immediately, to modify the definition of "Acting in Concert" contained therein.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1627475/000162747524000020/0001627475-24-000020-index.htm

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