Business
Upwork Reports Second Quarter 2020 Financial Results
Revenue grew 19% year-over-year to $87.5 million, exceeding guidanceMarketplace revenue grew 19% year-over-year to $78.5 millionMarketplace take rate improved
About this update from Upwork Inc.
[{"type":"text","content":"Revenue grew 19% year-over-year to $87.5 million, exceeding guidanceMarketplace revenue grew 19% year-over-year to $78.5 millionMarketplace take rate improved from 12.9% to 13.7% year-over-year SANTA CLARA, Calif., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the largest online talent solution, as measured by gross services volume (“GSV”), today announced its second quarter 2020 financial results.\n “We had a strong second quarter supporting the growing set of customers who are increasingly eager to leverage our on-demand remote talent solution,” said Hayden Brown, President and CEO of Upwork. “We capitalized on the global shift towards remote work and the widespread need for flexible talent solutions, welcoming a surge of new customers. We remain laser-focused on executing our vision of being the number one flexible talent solution in the world, which is more critical than ever as companies need help managing their expanding remote workforces.” Second Quarter 2020 Financial Results Gross services volume (GSV) increased by 12% year-over-year to $582.0 million;Revenue grew 19% year-over-year to $87.5 million;Marketplace revenue grew 19% year-over-year to $78.5 million;Marketplace take rate was 13.7%, up from 12.9% a year ago;Gross margin remained unchanged year-over-year at 71%;Net loss was $11.0 million, or $(0.09) per share, compared to a net loss of $2.5 million, or $(0.02) per share, in the second quarter of 2019;Non-GAAP net loss was $3.0 million, or $(0.03) per share, compared to non-GAAP net income of $1.0 million, or $0.01 per share, in the second quarter of 2019; andAdjusted EBITDA, a non-GAAP financial measure, was a loss of $1.2 million compared to positive adjusted EBITDA of $1.2 million in the second quarter of 2019. Note: Reported figures are rounded; unless otherwise noted, comparisons of the second quarter of 2020 are to the second quarter of 2019. All financial measures are GAAP unless cited as non-GAAP. Certain operating metrics used here, including “GSV” and “marketplace take rate,” are defined in our Annual Report on Form 10-K for the full year ended December 31, 2019 and our most recently filed Quarterly Report on Form 10-Q. A reconciliation of GAAP to non-GAAP financial measures has been provided at the end of this press release. An explanation of these measures is also included below under ...