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View All NewsUpwork revenue up nearly 29% in Q4, active clients increase by 22%
Upwork Inc. (NASDAQ: UPWK) reported fourth-quarter revenue rose 28.9% year over year. The B2B talent platform also noted the number of active clients rose 22% year over year in the fourth quarter.
A shareholder letter by President and CEO Hayden Brown and CFO Jeff McCombs noted Upwork surpassed $15 billion in lifetime talent earnings.
| (US$ thousands) | Q4 2021 | Q4 2020 | % change |
| Revenue | $136,856 | $106,153 | 28.9% |
| Gross profit | $99,805 | $77,375 | 29.0% |
| Gross margin | 72.9% | 72.9% | |
| Net loss/net income | ($22,556) | $925 | nm |
Meanwhile, gross services volume — which includes both client spend and additional fees charged for other services — rose 35% in the fourth quarter to reach $980 million.
Revenue by segment
| (US$ thousands) | Q4 2021 | Q4 2020 | % change |
| Marketplace | $125,427 | $96,866 | 29.5% |
| Managed services | $11,429 | $9,287 | 23.1% |
Full-year results
| (US$ thousands) | FY 2021 | FY 2020 | % change |
| Revenue | $502,797 | $373,628 | 34.6% |
| Gross profit | $367,289 | $269,361 | 36.4% |
| Gross margin | 73.0% | 72.1% | |
| Net loss | ($56,240) | ($22,867) | nm |
Guidance
Upwork forecast first-quarter revenue of between $139 million and $141 million, a 23% year-over-year increase at the midpoint.
Share price and market cap
Shares in Upwork were down 6.49% to $26.83 as of 12:09 p.m. Eastern time today; they were 15.15% above their 52-week low, according to FT.com. The company had a market cap of $3.62 billion.