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Upwork:Quarterly Results/2024 Q2: Difference between revisions
→Earnings Call Summary
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Webcast: [https://edge.media-server.com/mmc/p/m7628aj7/ Upwork Q2 2024 Earnings Conference Call] | Transcript: [https://www.fool.com/earnings/call-transcripts/2024/08/08/upwork-upwk-q2-2024-earnings-call-transcript/ Upwork Q2 2024 Earnings Conference Call] | Webcast: [https://edge.media-server.com/mmc/p/m7628aj7/ Upwork Q2 2024 Earnings Conference Call] | Transcript: [https://www.fool.com/earnings/call-transcripts/2024/08/08/upwork-upwk-q2-2024-earnings-call-transcript/ Upwork Q2 2024 Earnings Conference Call] | ||
=== | === Q2 2024 Results === | ||
* Revenue rose 15% y/y to $193.1 million driven by the flat fee structure as well as sustained momentum from ads and monetization products. | * Revenue rose 15% y/y to $193.1 million driven by the flat fee structure as well as sustained momentum from ads and monetization products. "Revenue grew 15% year over year to $193.1 million in the second quarter and was driven in part by the flat fee pricing structure we started last year as well as sustained momentum from our ads and monetization products," CEO Hayden Brown said. | ||
* Upwork reported GAAP net income of $22.2 million, the highest ever. | * Upwork reported GAAP net income of $22.2 million, the highest ever. | ||
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=== Macro === | === Macro === | ||
* '''Hayden Brown said macro conditions became more challenging in Q2 2024:''' "This challenging environment showed through with softer top-of-funnel activity than expected in the second quarter. A leading indicator of the softness that we track internally is client-seeking work, which is a measure of the number of clients engaging in an action that leads to a new contract. In Q1, this number accelerated 11% quarter over quarter, while in Q2, this number decelerated 6% sequentially, with particular impact in May and June, along with a mix shift of active clients toward very small businesses," she said. | * '''Hayden Brown said macro conditions became more challenging in Q2 2024:''' "This challenging environment showed through with softer top-of-funnel activity than expected in the second quarter. A leading indicator of the softness that we track internally is client-seeking work, which is a measure of the number of clients engaging in an action that leads to a new contract. In Q1, this number accelerated 11% quarter over quarter, while in Q2, this number decelerated 6% sequentially, with particular impact in May and June, along with a mix shift of active clients toward very small businesses," she said. 'We did see those trends get slightly worse in June and July," Gesert said. | ||
* Hayden said the tech industry is being hit harder in terms of job openings perspective. But there are some categories in tech that are performing better. | * Hayden said the tech industry is being hit harder in terms of job openings perspective. But there are some categories in tech that are performing better. | ||
* Hayden pointed out that U.S., Germany, and U.K. were more impacted than other countries. | * Hayden pointed out that U.S., Germany, and U.K. were more impacted than other countries. | ||