Upwork stock jumps after company has best quarter since going public

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Shares of Upwork Inc.
UPWK,
+0.27%
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%.

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Albert has handled various businesses throughout his career and has a deep domain knowledge. He founded News Conduct in an attempt to bring the latest news to its readers. He is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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