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Upwork: Summary of Old Reports/ Conference Calls: Difference between revisions
Upwork: Summary of Old Reports/ Conference Calls (view source)
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* Hayden Brown indirectly points to Fiverr as its largest competitor, but points out that it outnumbers it when it comes to GSV, revenue and number of talents. | * Hayden Brown indirectly points to Fiverr as its largest competitor, but points out that it outnumbers it when it comes to GSV, revenue and number of talents. | ||
* Brown notes that Upwork has certain features that differentiate it from competitors eg being a platform of both small and large projects and having built trust with clients and freelancers for a very long time. | * Brown notes that Upwork has certain features that differentiate it from competitors eg being a platform of both small and large projects and having built trust with clients and freelancers for a very long time. | ||
== Earnings Call Q1 2021 == | |||
=== Management remarks === | |||
* Revenue grew 37% y/y to $114 million while GSV grew 41% y/y to $787 million, marking the third consequtive quarter of acceleration<ref>https://capedge.com/transcript/1627475/2021Q1/UPWK</ref>. | |||
* Started calling the platform the work marketplace. | |||
* Pandemic changed the work forever, accelerating adoption of freelancers not just to perform traditional freelance jobs but also high level jobs. | |||
* Grew new clients by 55%, marking fourth consequtive growth acceleration. | |||
* SEM-acquired new clients increased by 113% q/q in Q1. | |||
* Meaningfully lowered cost per acquisition. | |||
* Grew core clients by 7,000 or 61% y/y. | |||
* Enterprise clients grew 40% q/q, strongest quarter ever. | |||
* Number of active freelancers grew significantly during the quarter. | |||
* Bullish about investment opportunities in front of them. | |||
=== Q&A === | |||
* Too early to give feedback on performance of project catalog but they have noticed that it's additive to the market place. | |||
* Every cohort eg client retention rate(from 102% to 106%) has accelerated y/y. | |||
* Work marketplace is aimed at defining Upwork category and raising awareness about the breadth of the platform. It's not about shifting their strategy. | |||
* Every job category is growing. | |||
* Brand awareness focus is on U.S market but also doing some advertising in English speaking international markets. | |||
* Client retention has been historically above 100%, which gives them visibility on how the future will perform. | |||
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