6,294
edits
Upwork:Quarterly Results/2023 Q2: Difference between revisions
no edit summary
No edit summary |
|||
| Line 2: | Line 2: | ||
See also: [[Upwork]] | [[Upwork: Jobs posted in the Platform|Upwork: Jobs posted in the Platform |]] [[Upwork: Product Developments]] | See also: [[Upwork]] | [[Upwork: Jobs posted in the Platform|Upwork: Jobs posted in the Platform |]] [[Upwork: Product Developments]] | ||
== Results == | |||
Here is a summary of the earnings results<ref>https://investors.upwork.com/static-files/180457e2-1f5a-4b9b-8d0c-ee28a8e56341</ref>. | |||
* Revenue grew 7% y/y to $168.6 million, beating management upper guidance of $164 million(+3.57%). | |||
* Upwork raised its revenue guidance for 2023 to $665-$675 million from $655-$670 million given in Q1 2023. | |||
* Adjusted EBITDA in the quarter was $14.4 million versus $1 million mid-point guidance given by the company in Q1 2023. | |||
* Upwork also raised its FY2023 adjusted EBITDA guidance to $50-$55 million from the initial $36-$40 million. | |||
* GSV was down 1% y/y due to strong comparisons in the past two years as well client marketplace changes implemented in April 2022. | |||
* It said that it expects to generate positive cash flow going forward. | |||
== Summary of earnings call == | |||
Our summary of the earnings call can be found in our MindMap. | |||
== Management Guidance and Analysts Estimates == | == Management Guidance and Analysts Estimates == | ||
| Line 206: | Line 219: | ||
==== Fiverr ==== | ==== Fiverr ==== | ||
===== Results ===== | |||
Here is a summary of the main insights<ref>Source: Fiverr Q2 2023 shareholder letter</ref>; | |||
* Revenue grew by 5.1% y/y to $89.4 million versus management mid-point guidance of $89 million(+5% y/y), driven by growth in spend per buyer and increase in take rate. | |||
* Spend per buyer grew 2% y/y to $265 in the 12 months ended June 30,2023. Fiverr expects spend per buyer to increase in the second half of the year. | |||
* Its Q2 2023 adjusted EBITDA was $15.3 million versus $13 million guided by management. | |||
* Fivver raised its 2023 revenue outlook to $358.0 - $365.0 million from $355.0 - $365.0 million. | |||
* It also raised its 2023 adjusted EBITDA guidance to $56.0 - $60.0 million from $48.0 - $56.0 million | |||
===== Management Guidance ===== | ===== Management Guidance ===== | ||