Online staffing provider Upwork Inc. (NASD: UPWK) reported third-quarter revenue rose 22.7% to $64.1 million. The Mountain View, Calif.-based firm went public in October.

Managed services revenue rose 20.9% year over year to $7.3 million, while marketplace revenue rose 22.9% to $56.8 million.

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 — increased by 27% in the third quarter to $449.5 million. The growth was driven by an increase in core clients and an increase in client spend retention, the company said in a conference call with investors.

Quote

“We are pleased that in our first earnings report as a public company we recorded strength across the business, driven by both new clients and expanded relationships with our core clients,” CEO Stephane Kasriel said.

Guidance

The company expects fourth-quarter revenue in the range of $64.5 million to $66.0 million; for the full year 2018, Upwork expects revenue in the range of $250.5 million to $252.0 million.

Share price and market cap

Upwork shares were down 18.93% to $16.45 at 12:42 p.m. Eastern time; the company had a market cap of $2.11 billion, according to FT.com.