Second-quarter revenue at talent platform Upwork (NASDAQ: UPWK) rose 14.5% to $193.1 million. Upwork reported active clients rose by 6% year over year in the second quarter to more than 868,000, and the company added 46 new enterprise clients. The company also announced a VMS partnership with Beeline during the quarter.

“We produced strong revenue growth of 15% year over year and our highest-ever net income amid a challenging and dynamic macroeconomic environment,” Hayden Brown, president and CEO, said in a press release.

Still, gross services volume — the total amount that clients spend on Upwork’s offerings as well as additional fees to talent and clients for other services — fell 2.7% year over year to $1.01 billion, though Upwork noted that GSV from artificial intelligence-related work rose by 67% year over year and freelancers working on AI-related work earned 47% more per hour than those working on non-AI-related work.

Marketplace revenue — which includes all the company’s offerings except for its enterprise solutions — rose 17.2%.

Upwork Inc. - Q2 2024

Revenue by Segment

Guidance

Upwork forecast third-quarter revenue of between $179 million and $184 million, a year-over-year increase of between 1.9% and 4.7%.

The company forecast full-year revenue of between $735 million and $745 million, an increase of between 6.7% and 8.1%.

Share Price

Shares in Upwork closed down 3.01% on Aug. 7 to $10.47. They were 9.47% above their 52-week low.