In October last year, the global freelancing platform, priced its initial public offering (IPO) at 15 per share. During its first day of trading, UPWK shares soar more than 50 percent to $23 per share, but shaved some of those gains. The company raised $187 million and reached a valuation of $1.5 billion.
Benchmark appears bullish on Upwork
Benchmark’s substantial investment in Upwork shows its strong confidence on the company’s ability to grow and deliver strong financial performance. The company is set to report its fourth quarter 2018 financial results on February 28.
Upwork is expected to deliver revenue in the range of $64.5 million to $66 million for the fourth quarter. Its revenue in the third quarter was $64.1 million. Its adjusted EBITDA is expected to be in the range of negative $750,000to to positive $250,000 million. Its adjusted EBITDA in the third quarter was negative $100,000 million.
Analysts covering Upwork estimated that it will report a net loss of four cents per share in the fourth quarter. In the previous quarter, the company reported a net loss of four cents per share.
