Upwork:Quarterly Results/2023 Q1: Difference between revisions

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 Return to: [[Earnings Season:2023 Q1]] / [[Upwork]] / [[Upwork: Quarterly Results]]
+== Results ==
+* Revenue came in $160.9 million(+14%), at the top of management guidance and above analysts estimate ($ 158.99 million or growth of 12.52% year-over-year)<ref name=":4">https://investors.upwork.com/static-files/02975692-9913-4671-9c20-96528dd88634<nowiki/>(Page 9-10)</ref>.
+* Management lowered 2023 revenue guidance to between $655-$670 million(growth of 4% year-over-year at the midpoint) from $690-$705 million(growth of 14.1% year-over-year at the mid-point) given in March and below analysts estimate for it to grow 12.9% year-over-year<ref name=":5">https://investors.upwork.com/static-files/02975692-9913-4671-9c20-96528dd88634<nowiki/>(Page 15)</ref>.
+* Management gave Q2 guidance of between $161 million - $164 million (growth of 3.6% year-over-year at the midpoint), below analysts expectations of $171.3 million or growth of 9.2% year-over-year<ref name=":5" />.
+* Management increased its adjusted EBITDA guidance for 2023 to $36-$40 million from $15-$20 million previously given<ref name=":5" />.
+* Active clients increased 4% y/y to 827 million and 1.6% Q/Q<ref name=":4" />.
+* Non-GAAP EPS came in $(0.01) versus $(0.07) estimate<ref>https://investors.upwork.com/static-files/02975692-9913-4671-9c20-96528dd88634<nowiki/>(Page 14)</ref>.
+* Provision for transaction losses was flat sequentially but increased from 2% to 4% of total revenue in the first quarter of 2023<ref name=":4" />.
 == Earnings Call Insights ==
+Here are the main insights from the earnings call;<ref>https://seekingalpha.com/article/4599653-upwork-inc-upwk-q1-2023-earnings-call-transcript</ref>
 === Macro Environment ===