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Upwork Inc. (symbol: UPWK) is the world's largest online work marketplace that connects businesses with skilled independent professionals. Headquartered in the United States, Upwork offers a robust platform where over 30% of Fortune 100 companies and entrepreneurs of all sizes can collaborate with talent across diverse fields. With product offerings such as Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll, the platform provides scalable solutions tailored to the needs of various business segments.
In 2021, the Upwork talent community earned over $3.3 billion through the platform, demonstrating its significant economic impact. Upwork facilitates connections across more than 10,000 skills, including website and app development, creative and design, customer support, finance and accounting, consulting, and operations. Its comprehensive global reach spans the USA, India, the Philippines, and beyond, enhancing its value proposition for both talent and clients worldwide.
Recently, Upwork has strengthened its market position through strategic partnerships with top-tier providers of generative AI tools and learning resources, including Adobe, Amazon, ClickUp, and Miro. These collaborations aim to elevate productivity and skills among the freelancers on the platform, fitting AI seamlessly into their workflows. Furthermore, Upwork has introduced the Upwork Chat Pro, a generative AI application powered by GPT-4, to assist in streamlining tasks and providing efficient project management solutions.
Upwork's dedication to innovation is further evident with the launch of a new AI Services hub and AI Education Library, which are aimed at expanding freelancers' expertise in AI and improving project outcomes. This aligns with the findings from the Upwork Research Institute, revealing that a significant majority (76%) of freelancers express high confidence in mastering new AI tools.
Moreover, Upwork's third-quarter 2023 financial results underscore its robust economic health, reflecting profitable growth and strategic agility. The company continues to enhance its Enterprise Suite through partnerships with SAP Fieldglass and Flextrack, and integrations with HRIS, ATS, procurement, and recruitment platforms to provide a cohesive workforce management solution for large enterprises.
For the latest updates, innovations, and financial news about Upwork Inc., please visit upwork.com and follow their social media channels on LinkedIn, Facebook, Instagram, TikTok, and X (formerly Twitter).
Upwork Inc. (Nasdaq: UPWK) will host a virtual Investor Day on June 15, 2021, starting at 9:30 a.m. Pacific Time. Key management, including CEO Hayden Brown and CFO Jeff McCombs, will present, followed by a live Q&A session concluding around 12:00 p.m. Pacific Time. The event will be accessible via the Investor Relations section on Upwork's website, alongside supporting materials. Upwork, the largest work marketplace by gross services volume, connects businesses with indie talent, facilitating over $2.3 billion earnings for talent in 2020.
Upwork (Nasdaq: UPWK) has partnered with Budweiser to celebrate America's diverse workforce by engaging creative freelancers to redesign limited-edition Labor Day can packaging. This collaboration invites Creative Directors to lead teams of freelancers in creating the custom design and executing a broader marketing campaign. Additionally, this initiative launches Upwork CoLab, a new brand-partnership program that connects freelancers with brands for innovative projects, highlighting the value and creativity of independent talent.
Upwork (Nasdaq: UPWK), a leading work marketplace, announced the launch of Talent Scout™, a new recruiting solution connecting businesses with pre-vetted talent. Available initially in the US, Canada, UK, Australia, and Israel, Talent Scout allows companies to scale teams efficiently without high staffing costs. Upwork’s specialized recruiters curate a shortlist of freelancers, providing clients with control through a personalized dashboard. This service forms part of Upwork's strategy to enhance talent engagement and meet diverse business needs in the evolving remote work landscape.
Upwork Inc. (Nasdaq: UPWK) will engage in a fireside chat at the Stifel 2021 Cross Sector Insight Conference on June 10, 2021, at 8:20 a.m. PT/11:20 a.m. ET. President and CEO Hayden Brown and CFO Jeff McCombs will represent the company. An audio webcast of this event will be available on Upwork's Investor Relations website and archived for 90 days afterward. Upwork connects businesses with independent talent and reported over $2.3 billion earned by its talent community in 2020.
Upwork (Nasdaq: UPWK) has launched a new industry category called the work marketplace, aimed at transforming freelancing by enabling companies and freelancers to connect effectively. Upwork's President and CEO, Hayden Brown, emphasizes the shift from traditional gig jobs to recognizing freelancers as integral to business success. A survey indicates 79% of companies that increased freelance hiring plan to maintain this approach. Upwork's expansion into various sectors showcases a 44.2% increase in spending by non-tech clients in 2020. The company also unveiled a new brand identity to promote this innovative platform.
Upwork (Nasdaq: UPWK) has launched a new brand identity and global campaign aimed at enhancing its engagement with freelancers and businesses. This rebranding seeks to address challenges in the workforce, particularly the skill gaps and resource constraints brought about by the pandemic. Upwork's rebrand reflects an optimistic view of freelancing's future, emphasizing warmth and efficiency. The campaign, developed with the creative agency Alto, highlights Upwork's commitment to building long-term partnerships in a remote economy.
Upwork Inc. (UPWK) reported strong first quarter 2021 results with a 41% increase in gross services volume (GSV) to $786.8 million and 37% revenue growth to $113.6 million. Marketplace revenue rose 40% to $104.7 million, while gross margin improved by one percentage point to 73%. The net loss narrowed to $7.8 million or $(0.06) per share. Upwork provided guidance anticipating $119 million to $121 million revenue for Q2 and $480 million to $490 million for the full year.
Upwork Inc. (Nasdaq: UPWK) announced it will report its Q1 2021 financial results on May 4, 2021, after market close. A Q&A conference call will take place at 2:00 p.m. PT (5:00 p.m. ET) the same day. Investors can access the live webcast on the Upwork Investor Relations website. In 2020, Upwork facilitated over $2.3 billion to its talent community across more than 10,000 skills. This highlights Upwork’s status as the world’s largest work marketplace connecting businesses with independent talent.
Upwork Inc. (Nasdaq: UPWK) reported a 32% revenue growth in Q4 2020, reaching $106.2 million, and a 24% increase in annual revenue of $373.6 million. Marketplace revenue rose 34% to $96.9 million in the fourth quarter, with a take rate of 13.5%. The company achieved positive net income of $0.9 million in Q4 2020, contrasting with a net loss of $5.5 million a year prior. For 2021, Upwork anticipates revenue between $460 million to $470 million.
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