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


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.