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Feb. 11, 2022, 9:42 a.m. EST

Upwork Down on Latest Figures, Analyst Impressions

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Feb 11, 2022 (Baystreet.ca via COMTEX) -- Analysts have lowered the price target on Upwork Inc /zigman2/quotes/200102859/composite UPWK +2.13% to $48.00 from $55.00 and maintained an Outperform rating on the shares after its in-line Q4 earnings and below-consensus outlook.

Andrew Boone of JMP Securities, for example, mentions that the company is making substantial investments in the business while delaying profitability, now estimating 2022 EBITDA to be breakeven vs. $42 million prior forecast.

Boone further adds that freelancing will be one of the persistent trends that continue beyond COVID-19. He believes that these investments to build awareness can accelerate Upwork's adoption, especially with enterprise clients.

Needham analyst Bernie McTernan maintained Upwork with a Buy and lowered the price target from $60 to $42.

Recently, the company reported fourth-quarter revenue growth of 29% year-over-year to $136.86 million, beating the consensus of $131.77 million.

The gross margin was flat at 72.9%. The company reported a loss from operations of $21.81 million, compared to an income of $0.656 million a year ago.

Adjusted EPS declined to $(0.05) from $0.06 in 4Q20, in line with the consensus.

Upwork expects revenue of $139 million - $141 million, an increase of 23% Y/Y at the midpoint, versus the consensus of $139.1 million; and Adjusted EBITDA of $(11) million - $(13) million.

It expects Non-GAAP basic loss per share of $(0.08) - $(0.11), versus the consensus $0.21.

UPWK shares were punished $3.57, or 12.7% at $24.64 in the first few minutes of trading Friday.

COMTEX_402205523/2559/2022-02-11T09:42:21

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/200102859/composite
US : U.S.: Nasdaq
$ 21.08
+0.44 +2.13%
Volume: 856,489
Aug. 8, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.69 billion
Rev. per Employee
$866,511
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