: Upwork, the freelancing platform, cuts yearly guidance due to the economy

Shares of Upwork Inc. UPWK dropped more than 12% in the extended session Wednesday after the freelancing platform reported a narrower-than-expected first-quarter adjusted loss and revenue came in above Wall Street expectations, but the company lowered its guidance for the year. Upwork earned $17.2 million, or 13 cents a share, in the first quarter, swinging from a loss of $24.7 million, or 19 cents a share, in the first quarter of 2022. Adjusted for one-time items, the company lost 1 cent a share. Revenue rose 14% to $161 million, Upwork said. Analysts polled by FactSet expected the company to report a loss of 10 cents a share on sales of $159 million. Upwork guided for second-quarter 2023 revenue between $161 million and $164 million, which would be a 4% year-over-year increase at its midpoint, but cut the 2023 revenue guidance to between $655 million and $670 million, due to the economy and “related trends to our business.” The analysts surveyed by FactSet expect 2023 revenue of $698 million.

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