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.