Upwork Inc. (NASDAQ: UPWK) shares jumped mote than 40% after the online talent marketplace announced its third quarter 2020 financial results. The Company reported that gross services volume (GSV) increased by 23% year-over-year to $654.5 million, revenue grew 24% year-over-year to $96.7 million, and a net loss was $2.7 million, or $(0.02) per share, compared to a net loss of $3.5 million, or $(0.03) per share, in the third quarter of 2019.
“Our third quarter performance was fueled by strength from both existing and new clients, who adopted Upwork in record numbers. As the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume, we have been building capabilities and tools for a world now increasingly ready to use them,” said Hayden Brown, President and CEO of Upwork. “Our vision is to place independent talent at the heart of every business; everything we do is, and will continue to be, focused on powering our customers’ progress. This quarter we continued to expand our platform to serve our customers with Project Catalog, a curated collection of pre-scoped projects that provides a new click-and-buy way for clients and freelancers to instantly begin working together on the Upwork marketplace.”
As for guidance, Upwork claims that for the fourth quarter of 2020 it expects to report revenue in the range of $96 million to $98 million. For the full year 2020, Upwork expects to report revenue in the range of $363 million to $365 million.