Upwork Analysts Raise Their Forecasts Following Strong Q4 Results
Portfolio Pulse from Avi Kapoor
Upwork, Inc. (NASDAQ:UPWK) reported strong Q4 results, surpassing analyst estimates for earnings and sales. The company's earnings were 20 cents per share against an expected 17 cents, with sales at $183.9 million versus the anticipated $178.16 million. Upwork's optimistic outlook for Q1 and full-year 2024, including higher earnings and revenue forecasts, was also highlighted. Despite this, UPWK shares fell 7.2% following the announcement. Analysts from Needham and RBC Capital raised their price targets for Upwork, reflecting confidence in its growth trajectory.
February 15, 2024 | 6:20 pm
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Upwork reported strong Q4 results, beating earnings and sales estimates, and provided an optimistic outlook for 2024. However, shares dropped 7.2% post-announcement.
Despite Upwork's strong Q4 performance and optimistic future projections, the immediate negative reaction in share price suggests market concerns or profit-taking. Analyst upgrades indicate confidence in long-term growth, but short-term volatility is evident.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100