Over the past 2 earnings reports, Upwork has exceeded the expectations of Wall Street and has shown exceptional results.
First Quarter 2019 Financial Results
- Gross services volume (GSV) increased by 21% year-over-year to $487 million for the first quarter of 2019
- Revenue increased by 16% year-over-year to $68.9 million for the first quarter of 2019
- Core clients grew 22% year-over-year to approximately 111,000 as of March 31, 2019
- Client spend retention increased to 107% as of March 31, 2019, up from 103% as of March 31, 2018
Second Quarter 2019 Financial Results
- Gross Services Volume (GSV) grew 20% year-over-year to $518.8 million
- Revenue grew 18% year-over-year to $74.3 million
- Core clients grew 21% year-over-year to approximately 116,000
- Gross Margin expanded more than 3 points year-over-year to 71%
The stock spiked up, but then sharply dropped. Why is that?
Simply put because insiders, all of whom have invested heavily in the Upwork platform, have sold some of their stock.