Upwork reports Q3 results, announces WorkMotion acquisition and CFO transition
Upwork Inc. posted third‑quarter revenue of $185.6 million, an 8.0% year‑over‑year decline, and net income of $31.8 million, up 8.4%. The company disclosed that its Lifted subsidiary acquired employer‑of‑record provider WorkMotion for $129.7 million in cash and that CFO Erica Gessert will step down, with Chief Business Officer Peter Sanborn succeeding her. Guidance for Q4 revenue was set at $169 million‑$177 million, and the full‑year adjusted EBITDA outlook was raised to $236 million‑$240 million.
Why it matters
The earnings miss and lowered revenue outlook may pressure the stock, while the acquisition expands Upwork’s international EOR capabilities. The CFO change signals a leadership shift as the firm navigates AI‑driven market dynamics.
Key facts
- 1Q3 revenue was $185.6 million, down 8.0% year over year. staffingindustry.com
- 2Net income rose 8.4% to $31.8 million. staffingindustry.com
- 3Lifted acquired WorkMotion for $129.7 million in cash. staffingindustry.com
- 4CFO Erica Gessert will step down on Jan. 1, with Peter Sanborn named successor. staffingindustry.com
- 5Full‑year adjusted EBITDA outlook was raised to $236 million‑$240 million. finance.yahoo.com
- 6Q4 revenue guidance is $169 million‑$177 million, a decline of 10.8%‑14.8% versus the prior year. staffingindustry.com
Open questions
- Q3 revenue is reported as $180.25 million in analyst estimates versus the actual $185.6 million disclosed.
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.