Upwork Inc.’s UPWK, +6.13% stock surged 18% in after-hours trading Tuesday after the company registered quarterly results that topped analyst revenue and earnings estimates. Upwork reported fiscal third-quarter net income of $16.3 million, or 12 cents a share, compared with a net loss of $24.
8 million, or 19 cents a share, in the same quarter a year ago. Adjusted earnings were 21 cents a share. Total revenue grew 11% to $175.7 million from $159 million a year ago. Analysts surveyed by FactSet had expected on average net earnings of 10 cents a share on revenue of $168.2 million. Shares of Upwork have gained 15% this year, while the broader S&P 500 index SPX, +0.28% has increased 14%.
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