Shares of Upwork Inc. (NAS:UPWK) rallied more than 18% in the extended session Tuesday after the freelancing-work platform reported adjusted fourth-quarter profit and sales well above Wall Street expectations and said it grew the most since going public in 2018. Upwork said it earned $900,000, or 1 cent a share, contrasting with a loss of $5.5 million, or 5 cents a share, in the fourth quarter of 2019. Adjusted for one-time items, Upwork earned $7.8 million, or 6 cents a share, compared with $3.4 million, or 3 cents a share, a year ago. Revenue rose 32% to $106.2 million, the company said. Analysts polled by FactSet expected adjusted earnings of 1 cent a share on sales of $97.3 million. Last year "was a watershed year for Upwork. In the fourth quarter, we achieved our highest year-over-year growth since going public," Chief Executive Hayden Brown said in a statement. Shares of Upwork ended the regular trading day up 0.3%.
Feb. 23, 2021, 4:28 p.m. EST