Business
Upwork Reports First Quarter 2020 Financial Results
Revenue grew 21% year-over-year to $83.2 millionMarketplace revenue grew 24% year-over-year to $74.8 millionGross margin expanded three percentage points
About this update from Upwork Inc.
[{"type":"text","content":"Revenue grew 21% year-over-year to $83.2 millionMarketplace revenue grew 24% year-over-year to $74.8 millionGross margin expanded three percentage points year-over-year to 72% SANTA CLARA, Calif., May 06, 2020 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the largest online talent solution, as measured by gross services volume (“GSV”), today announced its first quarter 2020 financial results.\n “With the global spread of the coronavirus significantly accelerating the adoption of remote work and increasing the value that companies place on workforce flexibility, Upwork’s solutions for customers are more relevant than ever,” said Hayden Brown, President and CEO of Upwork. “We have smoothly pivoted to a fully remote work model for our own teams and are focused on fulfilling the critical needs of our customers at this moment, from supplying them with the skilled talent they need to deliver on changing demands, to helping them migrate their existing team members onto our platform to enable continuous operations. We see promising indicators in our business, and continue to be very optimistic about our future.” Response to COVID-19 Pandemic In response to the COVID-19 pandemic, Upwork has taken numerous steps to support customers and community members: Upwork was a founding partner of the Freelancers Relief Fund, established by the Freelancers Union to assist independent workers experiencing financial hardship as a result of the pandemic.Upwork created the Work Together Talent Grants program, funding $1 million in talent grants to provide much-needed talent to businesses with projects that mitigate the impact of COVID-19.Upwork accelerated earnings payouts to Top Rated professionals on hourly contracts by 50%.Upwork launched a new product, Direct Contracts, which provides freelancers the payments protection of Upwork’s escrow service for fixed-price engagements outside of the Upwork marketplace.Upwork also made it easier for clients to centrally manage both their Upwork and non-Upwork contractors and agencies on our platform so that they can take advantage of our global payroll and Work Protection products, which enable businesses to classify and pay independent professionals compliantly in over 160 countries.Upwork is supporting clients as they pivot to remote work via a COVID-19 Remote Work Resource Center showcasing best practices...