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View All NewsUpwork revenue up 42% in Q2, gross services volume rises 50%
Talent platform Upwork Inc. (NASDAQ: UPWK) reported revenue rose 41.9% in the second quarter while gross services volume, or GSV, on the platform rose 50% year over year to $875.8 million.
“The second quarter marks our fourth consecutive quarter of accelerating year-over-year growth in GSV and revenue,” President and CEO Hayden Brown said. “We continue to execute strongly against our plan and operate at record levels as businesses of every size across the globe continue to embrace freelancers.”
| (US$ thousands) | Q2 2021 | Q2 2020 | % change |
| Revenue | $124,181 | $87,531 | 41.9% |
| Gross profit | $91,098 | $62,123 | 46.6% |
| Gross margin | 73.4% | 71.0% | |
| Net loss | ($16,538) | ($11,024) | nm |
In a letter to shareholders, Brown noted the acceptance of remote work has increased tremendously. In addition, she mentioned the second quarter was the fourth consecutive quarter of accelerating growth in GSV. Included in GSV is both client spend and additional fees charged for other services.
Revenue by segment
| (US$ thousands) | Q2 2021 | Q2 2020 | % change |
| Marketplace | $114,460 | $78,464 | 45.9% |
| Managed services | $9,721 | $9,067 | 7.2% |
Guidance
Upwork forecast third-quarter revenue of between $125 million and $127 million, representing a year-over-year increase of between 29.2% and 31.3%.
Share price and market cap
Shares in Upwork were down 11.50% to $50.93 as of 12:59 p.m. Eastern time; they were 21.03% below their 52-week high, according to FT.com. The company had a market cap of $7.26 billion.