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Upwork Inc. will be represented by CFO Erica Gessert at the Needham Technology, Media & Consumer Conference in New York City on May 14, 2024. The company will participate in a fireside chat where material developments concerning its business and financial performance may be disclosed. A live webcast and archive of the event will be available on Upwork's Investor Relations website.
Upwork Inc. (Nasdaq: UPWK) reported strong first-quarter financial results for 2024, with a net income of $18.4 million, diluted EPS of $0.13, and adjusted EBITDA of $33.3 million. The company raised its revenue and adjusted EBITDA outlook for 2024 and established a five-year adjusted EBITDA margin target of 35%. Upwork saw revenue growth of 19% year-over-year, active clients grew by 5%, and marketplace take rate increased to 17.7%. The company emphasized its innovation and AI-driven growth strategy, highlighting new products, partnerships, and revenue streams. Upwork's financial guidance for the second quarter and full year 2024 also showed positive growth projections.
Upwork introduced Upwork Updates featuring Uma, Upwork’s Mindful AI, to revolutionize the hiring and work experience for businesses and freelancers. The Spring 2024 Update focuses on AI-powered features like Best Match insights, Job Post Generator, and Proposal Tips. Freelancers gain access to Boosted Profiles, Portfolio, Upwork Coaching Services, and new third-party apps. Businesses can now access instant consultations, Partner Experts program, and enhanced Enterprise solutions.