Shares of Upwork Inc. rose 22% in the extended session Wednesday after the platform for freelancers reported third-quarter results that handily beat Wall Street’s expectations amid a pandemic that has shaken up employment.
Upwork
UPWK,
lost $2.7 million, or 2 cents a share, in the quarter, compared with a net loss of $3.5 million, or 3 cents a share, in the year-ago period. Adjusted earnings were 4 cents a share, adjusted for stock-based compensation and amortization of intangible assets. Analysts polled by FactSet expected a loss of 6 cents a share on sales of $90.4 million. Revenue rose 24% to $96.7 million.
“Our third-quarter performance was fueled by strength from both existing and new clients, who adopted Upwork in record numbers,” Chief Executive Hayden Brown said in a statement. Gross services volume increased 23% year-over-year to $654.5 million, the Santa Clara, Calif.-based company said.
Upwork shares rose sharply in after-hours trading, up 22%, after ending the regular session up 3.1% to $20.22.
The company forecast fourth-quarter revenue of $96 million to $98 million, and $363 million to $365 million for the full year.
Shares of Upwork are up 89.5% so far this year.