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Upwork’s stock is soaring 18% on big earnings beat

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Jon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter @jswartz.

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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