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Upwork:Quarterly Results/2023 Q1: Difference between revisions
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* Enterprise clients reducing their spend or maintaining it at the same level has contributed more than half reduction in their outlook. | * Enterprise clients reducing their spend or maintaining it at the same level has contributed more than half reduction in their outlook. | ||
* Their smaller clients are proving resilient. Given that more than 80% of Upwork's GSV comes from SMBs<ref>https://www.investmentwiki.org/wiki/Upwork#:~:text=Upwork%20generates%20more%20than%2080%25%20of%20its%20gross%20service%20volume(GSV)%20from%20SMBs%5B8%5D.%20At%20the%20end%20of%20Q3%202022%2C%20Upwork%20had%20818%2C000%20active%20clients%5B9%5D.%20Some%20of%20its%20clients%20include%20Microsoft%2C%20Genesys%2C%20Godaddy%2C%20Corel%2C%20Coty%2C%20etc%5B10%5D.</ref>, it means that the probability of guidance being lowered is low. | * Their smaller clients are proving resilient. (Note by Aron: Given that more than 80% of Upwork's GSV comes from SMBs<ref>https://www.investmentwiki.org/wiki/Upwork#:~:text=Upwork%20generates%20more%20than%2080%25%20of%20its%20gross%20service%20volume(GSV)%20from%20SMBs%5B8%5D.%20At%20the%20end%20of%20Q3%202022%2C%20Upwork%20had%20818%2C000%20active%20clients%5B9%5D.%20Some%20of%20its%20clients%20include%20Microsoft%2C%20Genesys%2C%20Godaddy%2C%20Corel%2C%20Coty%2C%20etc%5B10%5D.</ref>, it means that the probability of guidance being lowered is low). | ||
* U.S clients have continued to be stronger than EU clients. This is good considering that more than 70% of Upwork's revenue comes from U.S clients<ref>https://www.investmentwiki.org/wiki/Upwork:Revenue_Breakdown_article</ref>. | * U.S clients have continued to be stronger than EU clients. (Note by Aron: This is good considering that more than 70% of Upwork's revenue comes from U.S clients<ref>https://www.investmentwiki.org/wiki/Upwork:Revenue_Breakdown_article</ref>.) | ||
* Removed in their guidance outlook the expectation for the second half of the year to be stronger, which is normally the case in a non-macro impacted year. | * Removed in their guidance outlook the expectation for the second half of the year to be stronger, which is normally the case in a non-macro impacted year. | ||
* Expects a shift in the second half of the year versus Q2, "because of the dynamics around a lot of our pricing changes and the lagging effects relative to last year in Q3 and Q4." | * Expects a shift in the second half of the year versus Q2, "because of the dynamics around a lot of our pricing changes and the lagging effects relative to last year in Q3 and Q4." | ||