Upwork Inc. (NASDAQ: UPWK) shares witnessed a notable upswing of 20.17% in the after-market hours on Tuesday, ultimately attaining a value of $14.45. Earlier in the regular trading session, Upwork stock exhibited a significant gain of 6.13%, concluding the day at $12.02. This upswing in UPWK’s stock value followed the release of its financial report after the close of the market on the day.
Upwork (UPWK) officially unveiled its financial performance for the third quarter of 2023. The report showcased substantial Q3 2023 revenue of $175.7 million. That was an impressive 11% growth compared to the corresponding period last year. UPWK also succeeded to report GAAP net income of $16.3 million.
An impressive increase from the GAAP net loss of $(24.8) million experienced in Q3 2022. Adjusted EBITDA for the quarter stood at $31.2 million, underlining a significant improvement in margins. In the year ago quarter, UPWK had reported an adjusted EBITDA loss of $(2.9) million.
UPWK also introduced a novel suite of AI applications and offerings, complemented by fresh educational content. These innovations are poised to empower independent talent on Upwork by harnessing generative AI’s capabilities to enhance productivity and elevate the quality of their work.
In addition to this, the company launched a waitlist for access to Upwork Chat Pro, a cutting-edge GPT-4-powered application, currently in beta, designed by Upwork to facilitate professionals in expediting and enhancing their work processes.
This launch includes strategic collaborations with industry-leading providers of generative AI tools. These partnerships ensure that the talent on Upwork gains access to premier generative AI applications, tools, and educational resources, thereby enabling them to boost productivity, automate tasks, and manage their businesses more efficiently.
These latest offerings are conveniently located in a dedicated section of the AI Services hub, tailored specifically for talent, serving as a centralized hub for accessing generative AI tools, resources, and new work opportunities arising from the growing demand for AI-related projects on Upwork.
