Upwork Announces Organizational Changes To Drive Continued Profitable Growth And Provides Preliminary Q3 Revenue Guidance Of $194M Vs $179M-$184M Expected; Announces $60M In Annual Cost Savings; To Reduce Workforce By 21%, Expects $60M In Savings; Expects To Exceed Q3 2024 Revenue And EBITDA Guidance
Portfolio Pulse from Benzinga Newsdesk
Upwork Inc. announced organizational changes to drive profitable growth, including a 21% workforce reduction and $60M in annual cost savings. The company expects to exceed Q3 2024 revenue and EBITDA guidance, with preliminary revenue at $194M, surpassing the expected $179M-$184M range.
October 23, 2024 | 1:10 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Upwork is implementing significant organizational changes, including a 21% workforce reduction, to achieve $60M in annual cost savings. The company expects to exceed its Q3 2024 revenue and EBITDA guidance, with preliminary revenue at $194M, surpassing the expected range of $179M-$184M.
Upwork's announcement of exceeding revenue expectations and significant cost savings through workforce reduction is likely to positively impact its stock price in the short term. The company's focus on profitability and efficiency aligns with investor interests, suggesting a positive market reaction.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100