Upwork (UPWK) Fourth Quarter Revenue Increases 23 Percent

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Upwork

Upwork Inc (NASDAQ: UPWK) reported encouraging fourth quarter and full-year 2018 financial results on Thursday. The company posted double-digit revenue growth.

According to Upwork, its fourth quarter total revenue was $67.3 million, up by 23 percent from $54.8 million in the same period a year ago. Its market place revenue climbed from $47.9 million to $59.6 million and managed services revenue rose from $6.8 million to $7.7 million.

The company’s net loss was $5.4 million or five cents per share, an improvement from its net loss of $11.7 million or 35 cents per share in the year-ago quarter. Its non-GAAP net income was $2.7 million of three cents per share. In the fourth quarter of 2017, Upwork posted a non-GAAP net loss of $8.9 million or 27 cents per share.

For the full-year 2018, the company’s total revenue was $253.4 million, up by 25 percent from $202.6 million in 2017. Its marketplace revenue was $223.8 million and managed services revenue was $29.5 million.

Upwork said its net loss was $19.9 million or 38 cents per share compared to $10.6 million or 32 cents per share in 2017. Its non-GAAP net loss was $600 thousand or one cent per share compared to $900 million or three cents per share in the previous year.

Upwork CEO remains optimistic about the company’s future

In a statement, Upwork CEO Stephane Kasriel expressed optimism about the company’s profitability going forward.

“2018 was a landmark year for Upwork, as we became a publicly traded company, a major milestone not only for us but also for our industry. With macro-trends such as the skills shortages businesses are facing and the rise of remote work, plus our investments in product innovation, brand awareness and sales infrastructure, we remain emboldened by our long-term opportunity.”

For the first quarter of 2019, Upwork is expecting to achieve revenue in the rance of $68 million to $69 million.

For the full-year 2019, the company is anticipating to deliver revenue in the range of $298 million to $304 million.