UPWK - The Freelance Revolution Is Alive and Well According to These 2 Stocks
2023-08-03 09:25:29 ET
The stock market appeared likely to keep falling on Thursday morning, building on losses from Wednesday's session. Although the nominal catalyst for the downward move was a downgrade of U.S. government debt, many market participants believe that after the sizable advance in recent months, stock market indexes were prone to a pullback.
Even with futures on major benchmarks pointing toward modest losses at the beginning of the trading session, companies focused on freelance workers and the gig economy fared well. Earnings reports from both Upwork (NASDAQ: UPWK) and Fiverr International (NYSE: FVRR) lent support to the idea that gig work is gaining acceptance in the global workplace. Although both stocks are well below their record levels in recent years, the two companies have high hopes about what the future will bring.
Shares of Upwork climbed 16% in premarket trading Thursday morning. The freelance marketplace provider reported second-quarter financial results that revealed some favorable trends that could keep the business rebounding.
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The Freelance Revolution Is Alive and Well, According to These 2 Stocks