Shares of Upwork Inc. (UPWK) dropped greater than 12% within the prolonged session Wednesday after the freelancing platform reported a narrower-than-expected first-quarter adjusted loss and income got here in above Wall Road expectations, however the firm lowered its steerage for the yr. Upwork earned $17.2 million, or 13 cents a share, within the first quarter, swinging from a lack of $24.7 million, or 19 cents a share, within the first quarter of 2022. Adjusted for one-time gadgets, the corporate misplaced 1 cent a share. Income rose 14% to $161 million, Upwork stated. Analysts polled by FactSet anticipated the corporate to report a lack of 10 cents a share on gross sales of $159 million. Upwork guided for second-quarter 2023 income between $161 million and $164 million, which might be a 4% year-over-year enhance at its midpoint, however lower the 2023 income steerage to between $655 million and $670 million, as a result of economic system and “associated traits to our enterprise.” The analysts surveyed by FactSet count on 2023 income of $698 million.
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