Online freelance marketplace Upwork this afternoon reported Q4 income that topped expectations, plus a shock profit per share exactly where Wall Road had anticipated a loss, and a good outlook with this quarter’s, as well as the full year’s revenue increased as well.
The particular report delivered Upwork stocks soaring by 25% in late trading .
CEO Hayden Brown called 2020 “a watershed year” for the particular company, noting it had produced the “highest year-over-year growth considering that going public” in late 2018.
Added Dark brown, “Nearly the year into the pandemic, agencies are embracing remote work to release the possible of a worldwide workforce associated with independent skill that gives them the agility, abilities and efficiency they need.
“Our outcomes demonstrate that will we are usually optimally placed to capture the thrilling opportunity forward by serving customers because the tour’s work marketplace, ” stated Brown.
Upwork’s measure associated with the entire worth of labor sourced in the marketplace, called the gross providers value, went up by 21% in 2020, it mentioned, to $2. 5 billion.
Revenue within the three months ended within December increased 33%, calendar year over in order to $106. two million, yielding a net profit associated with 6 cents a talk about, excluding several costs.
Analysts had been modeling $97 million and also a 5-cent loss for each share.
Designed for the present quarter, the company sees income of $107 million in order to $109 million, compared to consensus regarding $102 mil.
For that complete year, the particular company views revenue inside a range associated with $460 mil to $470 million, compared to general opinion of $437 million.