Upwork:Quarterly Results/2022 Q4: Difference between revisions

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+[https://investors.upwork.com/static-files/5463bf46-5aea-4c23-b61b-c3f37b4467e3 Q4 & FQ 2022 Shareholder letter]
 [https://seekingalpha.com/article/4578775-upwork-inc-upwk-q4-2022-earnings-call-transcript Earnings call transcript]
+=== Key highlights ==
+"This behavior is consistent with our experience in past
+uncertain macroeconomic environments, in which we have
+typically seen companies moving through a sequence of
+phases. In the first phase, companies will reduce their costs
+and freeze hiring budgets as they grapple with uncertainty or
+the onset of macroeconomic weakness. This is when we
+may see a headwind from customers reducing overall
+budgets. As they move into the second phase, companies
+realign their cost structures in a more efficient manner and
+start to redeploy resources to solutions such as Upwork,
+where they have confidence they can deliver the best
+returns. This is when we have typically shifted from seeing a
+headwind to a tailwind. In the final phase, as the economy
+shows definitive signs of improvement, companies ramp up
+budgets and seek to aggressively hire, characteristically
+turning to our solution more than others because of the
+speed and flexibility we offer. This is when our momentum
+gathers further. Today we see many of our customers are in
+Dear Shareholders
+the first phase, realigning their budgets, with some moving
+into the second phase. Although this dynamic is creating
+near-term headwinds in our numbers, we have our eyes on
+the opportunity ahead of us. We are taking proactive steps
+to position Upwork for the full benefit the second and third
+phases"
 === Key insights to look for ===