UPWK revenue increased to $56.8M with increased GSV to $449.5M, beats projections

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With Upwork’s continued investments in improving user experience combined with the significant growth of revenue, many analysts believe that Upwork is merely scratching the surface of the freelance economy.

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It is estimated that 56.7 million Americans do freelance work today—that represents one-third of American workers.  Projections show that by 2020 43% of Americans will be freelancers.

Upwork is a monopoly in the freelance economy.  While the company claims that Indeed or LinkedIn compete with it, the reality is that Upwork controls the freelance market.   The barriers to build a platform like Upwork are vast:   multi-currency escrow accounts, true end-to-end tech, network effect, capitalization advtantages, and so on.

Expect volatility in UPWK stock in the weeks to come.  I predict that in 2 years UPWK will rise to over $100 a share and keep rising.

Disclaimer:   I along with several of my colleagues at USA Herald invested in Upwork at the its IPO.