Upwork Inc. (UPWK) Tops Q1 EPS by 1c; Offers Q2 & FY19 Revenue Guidance

Upwork Inc. (NASDAQ: UPWK) reported Q1 EPS of ($0.04), $0.01 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $68.9 million versus the consensus estimate of $68.91 million.

• Gross services volume (GSV) increased by 21% year-over-year to $487 million for the first quarter of 2019
• Revenue increased by 16% year-over-year to $68.9 million for the first quarter of 2019
• Core clients grew 22%​ year-over-year to approximately 111,000 as of March 31, 2019
• Client spend retention increased to 107% as of March 31, 2019, up from 103% as of March 31, 2018

“We are off to a solid start to the year,” said Stephane Kasriel, CEO of Upwork. “During the quarter we made significant progress with the launch of several new products, features and enhancements to support our increasingly diverse and expanding online talent marketplace. We are confident in the strategic initiatives we’ve set and pleased with our progress against them as well as the results they’re driving.”

GUIDANCE:

Upwork Inc. sees Q2 2019 revenue of $72.5-73.5 million, versus the consensus of $73.99 million.

Upwork Inc. sees FY2019 revenue of $299-304 million, versus the consensus of $302.42 million.

For earnings history and earnings-related data on Upwork Inc. (UPWK) click here.

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