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Upwork: Difference between revisions
→4. Upwork will likely benefit from the upcoming recession
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During Q4 2022 earnings release, Hayden Brown gave three phases that the company normally encounter during a recession or high inflationary environment. They include<ref>https://investors.upwork.com/static-files/5463bf46-5aea-4c23-b61b-c3f37b4467e3 (page 2)</ref>: | During Q4 2022 earnings release, Hayden Brown gave three phases that the company normally encounter during a recession or high inflationary environment. They include<ref>https://investors.upwork.com/static-files/5463bf46-5aea-4c23-b61b-c3f37b4467e3 (page 2)</ref>: | ||
(a) Clients reevaluating budgets. At the onset of a recession of high inflationary environment, businesses cut costs and freeze hiring. This is when Upwork notices reduced spending on its platform. According to Hayden, | (a) Clients reevaluating budgets. At the onset of a recession of high inflationary environment, businesses cut costs and freeze hiring. This is when Upwork notices reduced spending on its platform. According to Hayden, its is clients are currently in this phase. | ||
(b) Clients turn to upwork to cut costs. This is when businesses start realigning their cost structures to the most efficient areas and redeploy their resources to platforms such as Upwork, where they stand to get maximum benefit. | (b) Clients turn to upwork to cut costs. This is when businesses start realigning their cost structures to the most efficient areas and redeploy their resources to platforms such as Upwork, where they stand to get maximum benefit. | ||