NASDAQ$UPWK
Upwork Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Upwork's Q1 2021 financial results were reported, showing significant growth in GSV and revenue.
Upwork reported a strong start to 2021 with a 41% year-over-year increase in GSV to $786.8 million and a 37% increase in revenue to $113.6 million. The company's net loss was $7.8 million, or $(0.06) per share, while non-GAAP net income was $4.2 million, or $0.03 per share.
- GSV increased by 41% year-over-year to $786.8 million.
- Revenue grew 37% year-over-year to $113.6 million.
- Marketplace revenue grew 40% year-over-year to $104.7 million.
- Non-GAAP net income was $4.2 million, or $0.03 per share.
Headline financials
Revenue & EPS history
Upwork · Revenue · Quarterly
$114M
Revenue by segment
Upwork · $105M total across 1 segment · Q1 2021
- Marketplace$105M+40.0%100.0%
Forward guidance
Upwork provided guidance for the second quarter and full year 2021, factoring in the expected impacts of the COVID-19 pandemic. For Q2 2021, Upwork expects revenue in the range of $119 million to $121 million and adjusted EBITDA in the range of $2 million to $3 million. For the full year 2021, Upwork expects revenue in the range of $480 million to $490 million and adjusted EBITDA in the range of $16 million to $20 million.
Tailwinds
- Revenue in the range of $119 million to $121 million for Q2 2021
- Adjusted EBITDA in the range of $2 million to $3 million for Q2 2021
- Revenue in the range of $480 million to $490 million for full year 2021
- Adjusted EBITDA in the range of $16 million to $20 million for full year 2021
- Weighted average shares outstanding in the range of 128 million to 132 million for full year 2021
Headwinds
- Impacts of the COVID-19 pandemic on business and industry
- Impact, severity and duration of safety measures put in place to mitigate the impact of the COVID-19 pandemic
- Ability to attract and retain a community of freelancers and clients
- Limited operating history under current business strategy and pricing model
- Focus on the long-term and investments in sustainable, profitable growth
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
+1.3%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-5.1%
Avg return
30 days after
47%
14 / 30 earnings
Positive
+48.0%
Q3 2020
Best reaction
-19.1%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.1% | -20.7% | -17.2% | |
| Q4 2025 | -19.1% | -29.6% | -36.9% | |
| Q3 2025 | +13.2% | +11.6% | +25.3% | |
| Q1 2025 | +18.0% | +26.7% | +13.3% | |
| Q4 2024 | +6.6% | +8.6% | -18.9% | |
| Q3 2024 | +12.9% | +10.4% | +17.9% | |
| Q2 2024 | -13.2% | -16.5% | -11.9% | |
| Q1 2024 | +11.0% | +7.9% | -9.7% | |
| Q4 2023 | -0.3% | -1.4% | -14.1% | |
| Q3 2023 | +17.3% | +21.8% | +21.4% | |
| Q2 2023 | +43.5% | +44.6% | +49.3% | |
| Q1 2023 | -9.2% | -8.6% | -0.2% | |
| Q4 2022 | -10.3% | -11.0% | -23.8% | |
| Q3 2022 | +1.4% | +5.0% | -8.0% | |
| Q2 2022 | -14.2% | -16.5% | -20.8% | |
| Q1 2022 | +10.0% | +15.8% | -3.5% | |
| Q4 2021 | -6.0% | -8.7% | -16.7% | |
| Q3 2021 | -15.5% | -15.4% | -35.1% | |
| Q2 2021 | -10.8% | -10.5% | -23.8% | |
| Q1 2021 | -6.5% | -4.1% | +3.8% | |
| Q4 2020 | +3.8% | +4.8% | -15.5% | |
| Q3 2020 | +48.0% | +42.7% | +63.0% | |
| Q2 2020 | -10.3% | -11.7% | -13.0% | |
| Q1 2020 | +4.3% | +19.3% | +40.0% | |
| Q4 2019 | +5.0% | +1.4% | -21.9% | |
| Q3 2019 | -15.9% | -19.5% | -26.0% | |
| Q2 2019 | +10.0% | -3.0% | -9.0% | |
| Q1 2019 | -18.6% | -20.3% | -30.5% | |
| Q4 2018 | -6.1% | -4.1% | -19.9% | |
| Q3 2018 | -6.9% | -8.8% | -11.9% | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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