Upwork Q2 revenue $194.9M, net income $32.7M, raises FY2025 guidance, acquires Bubty and Ascen

UPWORK, INC

2025-Q2 EPS reported $0.50 revenue$387,645,000

Q2 revenue $194.9M (+1% YoY), net income $32.7M (+47% YoY), adjusted EBITDA $57.1M (+40% YoY).
Raises FY2025 revenue guidance to $765M-$775M and adjusted EBITDA to $206M-$214M; Q3 non-GAAP diluted EPS guidance $0.28-$0.30.
Active clients 796K, GSV per active client up 5% YoY to $5,002; average hours per contract highest ever.
Acquires Bubty and agrees to acquire Ascen to enhance enterprise contingent workforce solutions, targeting $650B TAM.
AI-related GSV accelerated to 30% YoY growth in Q2; Uma™ adoption up 24% QoQ.

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