Upwork Shares Climb After Outlook Raised

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Upwork Shares Climb After Outlook Raised

Dow Jones05-06

Upwork shares rose after the company raised its outlook on higher-than-expected first-quarter earnings.

The stock rose 15% to $15.35 in morning trading Tuesday. The stock is still down 6.1% this year.

The Palo Alto, Calif., platform for freelancers on Monday evening raised its full-year outlook for adjusted earnings per share to $1.14 to $1.18, up from $1.05 to $1.10.

Management said higher earnings in the first quarter allowed the company to raise its guidance range. Artificial intelligence has also helped improve customer productivity and engagement, the company said.

Upwork posted a profit of $37.7 million, or 27 cents a share, for the quarter ended March 31, compared with $18.4 million, or 13 cents a share, the year before.

Revenue rose 1% to $192.7 million, ahead of the $188.5 million forecast by Wall Street. Revenue from advertisements rose 23% while sales from Freelancer Plus subscriptions increased 20%.

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