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Upwork:Quarterly Results/2023 Q3: Difference between revisions
Upwork:Quarterly Results/2023 Q3 (view source)
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Return to: [https://investors.upwork.com/static-files/e7a891f7-011d-44a9-b5e0-817069a0f814 2023 Q3 Shareholder Letter] | [[Upwork:Quarterly Results]] | [[Upwork:Quarterly Results/2023 Q2]] | [[Earnings Season:2023 Q3]] | Return to: [https://investors.upwork.com/static-files/e7a891f7-011d-44a9-b5e0-817069a0f814 2023 Q3 Shareholder Letter] | [https://www.mindmeister.com/app/map/3030169035?t=E5LavQCuMU Q3 2023 Earnings Call Notes]| [[Upwork:Quarterly Results]] | [[Upwork:Quarterly Results/2023 Q2]] | [[Earnings Season:2023 Q3]] | ||
See also: [[Upwork: Main Insights from Jobs Posted in Upwork Platform]] | [[Upwork: Product Developments]] | [[Upwork: Conferences]] | See also: [[Upwork: Main Insights from Jobs Posted in Upwork Platform]] | [[Upwork: Product Developments]] | [[Upwork: Conferences]] | ||
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* Upwork said its existing clients continue to spend at a higher level compared to new clients, and as a result, GSV per active buyer fell 1% y/y to $4,906. | * Upwork said its existing clients continue to spend at a higher level compared to new clients, and as a result, GSV per active buyer fell 1% y/y to $4,906. | ||
* The company said it will repurchase outstanding common shares of up to $100 million. | * The company said it will repurchase outstanding common shares of up to $100 million. | ||
== Earnings call main insights == | |||
* CFO Erica Gessert said they haven’t seen any material improvement in macro environment in Q3, and macro trends continue to be uneven and difficult to predict, sometimes changing month over month though hours per contract are up slightly Q/Q and up 10% year-over two-year trends. | |||
* They expect EBITDA margin to fall to 15% in Q4 from 18% in Q3 due to reduction in long-term investments in favour of short-term projects such as AI in Q4. | |||
* They have a small number of team members in Middle East and don’t anticipate the conflict to have any noticeable impact to the business since GSV from the region is negligible. | |||
* CEO Hayden Brown said small business clients are the ones leading the pack in terms of performance. | |||
* CFO Erica Gessert said they expect additional growth from price structure to happen in first half of 2023 but they are not breaking out the exact dynamics. | |||
== Management Guidance and Analysts Estimate == | == Management Guidance and Analysts Estimate == | ||