NASDAQ$UPWK
Upwork Inc · Q2 2021 earnings
Q2 2021 earnings · · Investor relations
Briefing
Reported fourth consecutive quarter of accelerating year-over-year growth in GSV and revenue.
Upwork reported a 42% year-over-year increase in revenue to $124.2 million and a 50% year-over-year increase in GSV to $875.8 million. The company's net loss was $16.5 million, or $(0.13) per basic share. Non-GAAP net income was $4.6 million, or $0.03 per diluted share.
- GSV increased by 50% year-over-year to $875.8 million.
- Revenue grew 42% year-over-year to $124.2 million.
- Marketplace revenue grew 46% year-over-year to $114.5 million.
- Non-GAAP net income was $4.6 million, or $0.03 per diluted share.
Headline financials
Revenue & EPS history
Upwork · Revenue · Quarterly
$124M
Revenue by segment
Upwork · $124M total across 2 segments · Q2 2021
- Marketplace$115M+45.9%92.2%
- Enterprise$9.72M+7.2%7.8%
Forward guidance
Upwork is providing the following guidance for its third quarter and full year 2021: For the third quarter of 2021, Upwork expects to report Revenue in the range of $125 million to $127 million, Adjusted EBITDA in the range of $4 million to $5 million, Diluted weighted-average shares outstanding in the range of 134 million to 136 million and Non-GAAP diluted EPS in the range of $0.01 to $0.03. For the full year 2021, Upwork expects to report Revenue in the range of $490 million to $494 million, Adjusted EBITDA in the range of $16 million to $20 million, Diluted weighted-average shares outstanding in the range of 133 million to 137 million and Non-GAAP diluted EPS in the range of $0.05 to $0.07.
Tailwinds
- Revenue in the range of $125 million to $127 million for Q3 2021
- Adjusted EBITDA in the range of $4 million to $5 million for Q3 2021
- Diluted weighted-average shares outstanding in the range of 134 million to 136 million for Q3 2021
- Non-GAAP diluted EPS in the range of $0.01 to $0.03 for Q3 2021
- Revenue in the range of $490 million to $494 million for FY 2021
Headwinds
- Adjusted EBITDA in the range of $16 million to $20 million for FY 2021
- Diluted weighted-average shares outstanding in the range of 133 million to 137 million for FY 2021
- Non-GAAP diluted EPS in the range of $0.05 to $0.07 for FY 2021
- Impacts of the COVID-19 pandemic
- Stock-based compensation expense is impacted by the future fair market value of our common stock and other factors, all of which are difficult to predict, subject to frequent change, or not within our control.
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 Q2 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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