Upwork Jumps on Q3 Beat and Raised Outlook

Overview

• Q3 results topped expectations with EPS of $0.36 versus $0.29 estimated and revenue of $201.73 million versus $193.34 million, alongside record adjusted EBITDA of $59.6 million and GAAP net income of $29.3 million.
• Management lifted full‑year 2025 guidance to $782 million–$787 million in revenue and $1.35–$1.37 in adjusted EPS, and increased adjusted EBITDA outlook to $222 million–$225 million.
• Q4 guidance calls for $193 million–$198 million in revenue, adjusted EBITDA of $49 million–$52 million, and EPS of $0.31–$0.33.
• Marketplace indicators improved with a return to positive GSV growth (up 2% year over year), 794,000 active clients, and GSV per client rising 5% to $5,036.
• Shares jumped 16.6% after hours and 22.2% premarket, then closed up 13.24% Tuesday, as analysts raised targets and reiterated positive views, including Buy ratings from Needham ($25), UBS ($23), and Goldman Sachs ($25).