: Upwork, the freelancing platform, cuts yearly guidance due to the economy


Shares of Upwork Inc. UPWK dropped more than 12% in the extended session Wednesday after the freelancing platform reported a narrower-than-expected first-quarter adjusted loss and revenue came in above Wall Street expectations, but the company lowered its guidance for the year. Upwork earned $17.2 million, or 13 cents a share, in the first quarter, swinging from a loss of $24.7 million, or 19 cents a share, in the first quarter of 2022. Adjusted for one-time items, the company lost 1 cent a share. Revenue rose 14% to $161 million, Upwork said. Analysts polled by FactSet expected the company to report a loss of 10 cents…

This article was originally published by Marketwatch.com. Read the original article here.

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