Business
Upwork Reports First Quarter 2025 Financial Results
Achieves record first quarter with revenue of $192.7 million, GAAP net income of $37.7 million and adjusted EBITDA of $56.0 million, resulting in 20% profit
About this update from Upwork Inc.
[{"type":"text","content":"Achieves record first quarter with revenue of $192.7 million, GAAP net income of $37.7 million and adjusted EBITDA of $56.0 million, resulting in 20% profit margin and 29% adjusted EBITDA marginReiterates FY2025 revenue guidance and raises full-year adjusted EBITDA guidance PALO ALTO, Calif., May 05, 2025 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace that connects businesses with independent talent from across the globe, today announced its financial results for the first quarter of 2025. “Upwork is off to a strong start in 2025, delivering record first-quarter results across revenue and profitability, a testament to the team’s accelerated execution and the resilience of our business model,” said Hayden Brown, president and CEO, Upwork. “We are incredibly excited by the early impact of our strategic product investments in AI, which are already enhancing customer productivity and engagement. With positive momentum across our business and a winning strategy for AI innovation, we are confident in our path to expand market share, drive ongoing profitability, and continue to be the category leader at the intersection of talent, technology and work.” “Our first-quarter results demonstrate our commitment to driving strong and expanding profit margins while investing in growth,” said Erica Gessert, CFO, Upwork. “Our continued focus on cost discipline, combined with better-than-expected revenue performance, drove another quarter of record profitability, more than doubling net income from the prior year to $37.7 million, achieving $56.0 million in adjusted EBITDA and a new high of 29% adjusted EBITDA margin. This strong performance enables us to increase our adjusted EBITDA guidance range for 2025 and underscores our dedication to expanding profitability and growing free cash flow as we continue toward more meaningful topline growth.” First Quarter Financial Highlights Revenue grew 1% year-over-year to $192.7 million in the first quarter of 2025Active clients of 812,000GSV per active client of $4,912 increased 3% year-over-year in the first quarter of 2025 reflecting positive growth for the first time in six quartersNet income was $37.7 million in the first quarter of 2025, more than double net income of $18.4 million in the first quarter of 2024Diluted earnings per share was $0.27 in the first quart...