Upwork's Q3 sales forecast surge, workforce reduction, and long-term profitability goal revealed.
Upwork's stock surged 23.8% after revealing preliminary Q3 results, with expected sales of $194 million and adjusted EBITDA of $43 million, surpassing earlier guidance. The company will cut its workforce by 21%, aiming for annual savings of $60 million to enhance profitability. Upwork's strategic changes focus on efficiency and innovation, targeting a long-term adjusted EBITDA margin of 35% over five years, indicating strong competitive growth.
October 23, 2024
4 Articles