UPWK - Why Upwork Stock Was Being Crushed This Week
2023-05-05 15:28:00 ET
Shares of online freelance worker-platform operator Upwork (NASDAQ: UPWK) were on a sharp downward ride this week. As of mid-afternoon Friday, according to data compiled by S&P Global Market Intelligence , the company's share price had declined by more 17% week to date. Investors were clearly unhappy about the company's latest quarterly results.
In its first quarter, Upwork booked just under $161 million in revenue, which bettered the $141 million it earned in the same period of 2022. The company's gross services volume (GSV) -- a key financial metric for its business -- was flat, however, at $1 billion.
Meanwhile, on the bottom line, the company managed to narrow its non- GAAP (adjusted) net loss to $700,000 ($0.01 per share) from the year-ago deficit of $3.5 million.
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Why Upwork Stock Was Being Crushed This Week