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Upwork:Quarterly Results/2023 Q2: Difference between revisions
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* Lowered price target to $13 from $15 and maintained buy rating. | * Lowered price target to $13 from $15 and maintained buy rating. | ||
* "AI will continue to be an overhang in the "knowledge" space, and '''while the firm's work continues to suggest that a neutral or even positive net impact on freelancing from AI is possible, nothing can be ruled out as the technology evolves,'''" he wrote<ref>https://thefly.com/landingPageNews.php?id=3738006&headline=UPWK-Upwork-price-target-lowered-to--from--at-BTIG&utm_source=https://thefly.com/news.php%3fsymbol=UPWK&utm_medium=referral&utm_campaign=referral_traffic</ref>. | * "AI will continue to be an overhang in the "knowledge" space, and '''while the firm's work continues to suggest that a neutral or even positive net impact on freelancing from AI is possible, nothing can be ruled out as the technology evolves,'''" he wrote<ref>https://thefly.com/landingPageNews.php?id=3738006&headline=UPWK-Upwork-price-target-lowered-to--from--at-BTIG&utm_source=https://thefly.com/news.php%3fsymbol=UPWK&utm_medium=referral&utm_campaign=referral_traffic</ref>. | ||
== Competitor expectations and results == | |||
=== Indirect Competitors === | |||
==== Randstad ==== | |||
{| class="wikitable" | |||
|+ | |||
!Key Items | |||
!Actual | |||
!Estimate | |||
|- | |||
|Revenue<ref>https://seekingalpha.com/news/3990563-randstad-gaap-eps-of-101-revenue-of-646b-misses-by-840m</ref> | |||
|€6.46 billion | |||
|€ 7.30 billion | |||
|- | |||
|EBITA<ref name=":4">https://www.reuters.com/business/randstad-beats-expectations-q2-core-earnings-2023-07-25/</ref> | |||
|€271 million | |||
|€ 260 million | |||
|} | |||
* Randstad Q2 2023 revenue declined by 6% y/y to €6.46 billion(Q1 2023: -4.2%), below analysts estimate of € 7.30 billion. | |||
* EBITA topped estimates. | |||
* "'''In North America, like in Europe by the way, I would say the market is normalizing,'''" Randstad CEO Sander van't Noordende said in an interview<ref name=":4" />. | |||
* " '''The macroeconomic conditions remain challenging across our markets, and these conditions have continued into early July,'''" CFO Jorge Vazquez said<ref>https://seekingalpha.com/article/4619650-randstad-n-v-ranjf-q2-2023-earnings-call-transcript</ref>. | |||
== References == | == References == | ||