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View All NewsUpwork revenue up 23% in Q4
Online staffing provider Upwork Inc. (NASD: UPWK) reported fourth-quarter revenue rose 23.0% year over year to $67.3 million. The Mountain View, Calif.-based firm went public in October.
| (US$ thousands) | Q4 2018 | Q4 2017 | % change |
| Revenue | $67,342 | $54,759 | 23.0% |
| Gross profit | $46,462 | $37,163 | 25.0% |
| Gross margin | 69.0% | 67.9% | |
| Net loss | ($5,365) | ($5,191) | nm |
The company noted that gross services volume — the total amount of business transacted through Upwork’s platform, including both client spend and additional fees charged for other value-added services — for the full year rose by 28% to $1.76 billion.
Revenue by segment
| (US$ thousands) | Q4 2018 | Q4 2017 | % change |
| Marketplace | $59,652 | $47,922 | 24.5% |
| Managed services | $7,690 | $6,837 | 12.5% |
Quote
“2018 was a landmark year for Upwork, as we became a publicly traded company, a major milestone not only for us but also for our industry,” said Stephane Kasriel, CEO of Upwork. “With macro-trends such as the skills shortages businesses are facing and the rise of remote work, plus our investments in product innovation, brand awareness and sales infrastructure, we remain emboldened by our long-term opportunity.”
Full-year results
| (US$ thousands) | FY 2018 | FY 2017 | % growth |
| Revenue | $253,354 | $202,552 | 25.1% |
| Gross profit | $171,896 | $137,109 | |
| Gross margin | 67.8% | 67.7% | |
| Net loss | ($19,907) | $4,123 |
Guidance
The company expects first-quarter revenue in the range of $68.0 million to $69.0 million. It forecast full-year revenue to be in the range of $298 million to $304 million.