Business
Upwork Reports Third Quarter 2020 Financial Results
Revenue grew 24% year-over-year to $96.7 million, exceeding guidanceMarketplace revenue grew 26% year-over-year to $88.0 millionMarketplace take rate improved
About this update from Upwork Inc.
[{"type":"text","content":"Revenue grew 24% year-over-year to $96.7 million, exceeding guidanceMarketplace revenue grew 26% year-over-year to $88.0 millionMarketplace take rate improved from 13.3% to 13.6% year-over-year SANTA CLARA, Calif., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume (“GSV”), today announced its third quarter 2020 financial results.\n “Our third quarter performance was fueled by strength from both existing and new clients, who adopted Upwork in record numbers. As the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume, we have been building capabilities and tools for a world now increasingly ready to use them,” said Hayden Brown, President and CEO of Upwork. “Our vision is to place independent talent at the heart of every business; everything we do is, and will continue to be, focused on powering our customers’ progress. This quarter we continued to expand our platform to serve our customers with Project Catalog, a curated collection of pre-scoped projects that provides a new click-and-buy way for clients and freelancers to instantly begin working together on the Upwork marketplace.” Third Quarter 2020 Financial Results Gross services volume (GSV) increased by 23% year-over-year to $654.5 million;Revenue grew 24% year-over-year to $96.7 million;Marketplace revenue grew 26% year-over-year to $88.0 million;Marketplace take rate was 13.6%, up from 13.3% a year ago;Gross margin increased two percentage points year-over-year to 73%;Net loss was $2.7 million, or $(0.02) per share, compared to a net loss of $3.5 million, or $(0.03) per share, in the third quarter of 2019;Non-GAAP net income was $5.0 million, or $0.04 per share, compared to non-GAAP net income of $1.1 million, or $0.01 per share, in the third quarter of 2019; andAdjusted EBITDA, a non-GAAP financial measure, was $6.7 million compared to adjusted EBITDA of $2.0 million in the third quarter of 2019. Note: Reported figures are rounded; unless otherwise noted, comparisons of the third quarter of 2020 are to the third 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 d...