Online work marketplace Upwork (NASDAQ: UPWK) will be reporting results this Monday after market close. Here’s what investors should know.
Upwork met analysts’ revenue expectations last quarter, reporting revenues of $195.5 million, up 1.4% year on year. It was a mixed quarter for the company, with a solid beat of analysts’ EBITDA estimates but revenue guidance for next quarter missing analysts’ expectations significantly.
Is Upwork a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Upwork’s revenue to decline 2.5% year on year, a deceleration from its flat revenue in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Upwork rarely misses Wall Street’s revenue estimates.
Looking at Upwork’s peers in the gig economy segment, some have already reported their Q2 results, giving us a hint as to what we can expect. DoorDash delivered year-on-year revenue growth of 35.6%, beating analysts’ expectations by 2.5%, and Lyft reported revenues up 16.1%, topping estimates by 1.9%. DoorDash traded up 2.4% following the results while Lyft was also up 8.3%.
Read our full analysis of DoorDash’s results here and Lyft’s results here.
Investors in the gig economy segment have had steady hands going into earnings, with share prices flat over the last month. Upwork is up 10.2% during the same time and is heading into earnings with an average analyst price target of $12.44 (compared to the current share price of $9.72).
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