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Upwork's Financial Results for 2nd Quarter 2020

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Community Guru
Will L Member Since: Jul 9, 2015
1 of 2

On Tuesday Upwork released its financial results for the three months ended June 30, 2020.

 

It appears the COVID-19 pandemic had no significant net negative or positive effect on Upwork’s financial performance in the quarter. although "COVID-19" is mentioned 129 times in the company's required quarterly filing with the SEC.

 

The company’s net loss was up 350% during the quarter despite a nearly 19% increase in revenue (compared to the same period in 2019).

 

During the period, the company issued a total of 4.4 million shares under stock options, employee stock purchase plans, etc. at an average price of $5.09.

 

71% of total client revenue came from US clients; 27% of total freelancer revenue came from US freelancers.

 

The company also again mentioned “…we expect further changes to Connects pricing,” but there is no explanation of what those changes will be.

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Community Leader
Bev C Member Since: Jan 2, 2018
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Interesting info Will - thanks :-)

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