The Chicago Entrepreneur

: Upwork, the freelancing platform, cuts yearly guidance due to the economy

Shares of Upwork Inc. UPWK dropped more than 12% in the extended session Wednesday after the freelancing platform reported a narrower-than-expected first-quarter adjusted loss and revenue came in above Wall Street expectations, but the company lowered its guidance for the year. Upwork earned $17.2 million, or 13 cents a share, in the first quarter, swinging from a loss of $24.7 million, or 19 cents a share, in the first quarter of 2022. Adjusted for one-time items, the company lost 1 cent a share. Revenue rose 14% to $161 million, Upwork said. Analysts polled by FactSet expected the company to report a loss of 10 cents a share on sales of $159 million. Upwork guided for second-quarter 2023 revenue between $161 million and $164 million, which would be a 4% year-over-year increase at its midpoint, but cut the 2023 revenue guidance to between $655 million and $670 million, due to the economy and “related trends to our business.” The analysts surveyed by FactSet expect 2023 revenue of $698 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Previous post House China committee targets top clothing brands in forced labor inquiry
Next post : Avnet’s stock rises 3% on earnings, revenue beats