On-line freelance market Upwork this afternoon reported This autumn income that topped expectations, and a shock revenue per share the place Wall Avenue had anticipated a loss, and an outlook for this quarter’s, and the total 12 months’s income larger as effectively.
The report despatched Upwork shares soaring by 25% in late trading.
CEO Hayden Brown referred to as 2020 “a watershed 12 months” for the corporate, noting it had produced the “highest year-over-year development since going public” in late 2018.
Added Brown, “Practically a 12 months into the pandemic, organizations are embracing distant work to unleash the potential of a world workforce of impartial expertise that provides them the agility, expertise and effectivity they want.
“Our outcomes reveal that we’re optimally positioned to seize the thrilling alternative forward by serving clients because the world’s work market,” mentioned Brown.
Upwork’s measure of the full worth of labor sourced in its market, referred to as the gross companies worth, rose by 21% in 2020, it mentioned, to $2.5 billion.
Income within the three months led to December rose 33%, 12 months over to $106.2 million, yielding a web revenue of 6 cents a share, excluding some prices.
Analysts had been modeling $97 million and a 5-cent loss per share.
For the present quarter, the corporate sees income of $107 million to $109 million, in comparison with consensus for $102 million.
For the total 12 months, the corporate sees income in a variety of $460 million to $470 million, in comparison with consensus of $437 million.