<div>
  <ul>
    <li>
      <p>
        Upwork reported a non-GAAP net loss per share of USD 0.03 in Q3 FY2022, meeting analyst estimates of a loss per share of USD 0.03, but down from the USD 0.04 net profit per share, it reported in Q3 FY2021. Total revenue increased by 23.8% year-over-year (YoY) to USD 158.6 million in Q3 FY2022 from USD 128.1 million in Q3 FY2021.
      </p>
    </li>
    <li>
      <p>
        Q2 FY2022 revenue growth was driven by a 13.6% YoY increase in gross services volume (GSV) to USD 1.03 billion and an increase in the overall take rate to 15.4% in Q3 FY2022 from 14.2% in Q3 FY2021. The marketplace take rate also improved to 14.3% in Q3 FY2022 from 13.2% in Q3 FY2021. Take rate improvements were primarily driven by a full quarter&rsquo;s benefit of its new Client Marketplace Plan, and were partially offset by existing clients transitioning to higher-value clients which resulted in a higher proportion of talent being charged at lower rates as per its tiered service fee structure. Notably, Upwork&rsquo;s Enterprise segment revenue grew by 41% YoY to USD 12.5 million in Q3 FY2022.
      </p>
    </li>
    <li>
      <p>
        GAAP gross profit increased by 26.8% YoY to USD 118.2 million in Q3 FY2022, while the gross profit margin improved by 180 basis points (bps) YoY to 74.5%. The adjusted EBITDA loss was USD 2.9 million in Q3 FY2022, compared to the adjusted EBITDA profit of USD 8.2 million in Q3 FY2021.
      </p>
    </li>
    <li>
      <p>
        Upwork narrowed its FY2022 revenue guidance to USD 615-617 million (implied 23% YoY growth at the midpoint), from the previous guidance of USD 612 million&ndash;617 million. The company also expects an adjusted EBITDA loss of USD 6-8 million for FY2022, reiterated its target to be adjusted EBITDA positive on an annual basis starting in 2023 as it progresses toward the previously communicated long-term target of an adjusted EBITDA margin of 30%-35%.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://investors.upwork.com/static-files/b5ef19da-22d6-4701-a36b-aa86cb398a6b">
      Press release
    </a>
  </p>
</div>


Online Freelancing Platforms

Upwork’s Q3 FY2022 earnings meet expectations

PROMINENT_CATEGORY

<div>
 <p>Upwork has launched Upwork Partners, a program encouraging collaborations between businesses and proficient independent workers on its platform. The program comprises three primary partnership models: Upwork Partner Experts (for complex tasks), Apps and Offers (partners can offer exclusive access to their apps), and Partner Offers (discounts on Upwork services via selected partner platforms).</p>
</div>

Upwork launches Upwork Partners Program to elevate freelancer collaboration and productivity

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 <p>Toptal, a worldwide fully remote workforce, has bought VironIT.com, a renowned software development firm specializing in tailored software solutions and IT consulting services. This acquisition is purposed to bolster Toptal's international standing in the software development sector.</p>
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Toptal acquires VironIT.com to enhance end-to-end software solutions

<div>
 <p>Instawork, a platform for businesses and skilled hourly workers, has launched long-term staffing to manage changes in consumer demand. The move comes as traditional staffing agencies face retention challenges with hourly workers beyond 30 days.</p>
</div>

Instawork launches long-term staffing solution to boost productivity and retention

<div>
 <p>Kishore Rachapudi has been named the new chief revenue officer at Andela, an online platform for software development jobs. His appointment comes as the company experiences growing demand from businesses seeking skilled digital talent for projects worldwide. Rachapudi will be tasked with guiding Andela's growth activities.</p>
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Andela appoints Kishore Rachapudi as CRO to drive growth initiatives

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 <p>Fiverr has released a statement regarding the expansion of its services during tax season as it launches the inclusion of trustworthy freelance tax professionals on its platform. These experts encompass licensed Certified Public Accountants (CPAs), enrolled agents, financial consultants, and tax attorneys, all based in the United States. Each is backed by a wealth of experience and adept in federal, state, and international tax compliance. This initiative broadens the consulting category that Fiverr had earlier introduced with its 2024 Winter Product Release.</p>
 
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Fiverr adds US-based vetted freelance tax professionals to help tackle tax season

<div>
 <p>Nomad Health, a travel nursing startup, has downsized its workforce after previously laying off hundreds of employees in 2023. Despite significant venture capital funding amounting to over USD 200 million, the company's optimistic market projections did not materialize, leading to workforce reductions.</p>
 
</div>

Nomad Health downsizes; a result of misjudged market trajectory

<div>
 <p>Priori, a top legal freelancing platform, has launched new RFP, reviews, and scorecarding functions for legal teams. Users are now able to send RFPs to reliable law firms, evaluate proposals from Priori's marketplace, and monitor firm performance. An Early Access Program is available that provides these features for free for a period of six months beginning on February 15, 2024.</p>

</div>

Priori launches new features to improve legal procurement

<div>
 <p>Fiverr revealed its Winter Product Release, introducing new features like the Consulting Category, Fiverr Agencies, and an improved ratings system. It is designed to offer freelancers and businesses a more personalized experience, greater transparency, and growth tools. Highlights comprise of simplified agency collaboration, expert consultations, constructive feedback for freelancers, and AI-driven help for businesses.</p>
</div>

Fiver unveils Winter Product Release to empower businesses and freelancers

<div>
 <p>Priori has launched the newest version of Scout, a product powered by GenAI. It automates the management of law firm panels and interactions with external counsel. Scout centralizes and structures data from different sources, streamlining law firm operations. </p>
</div>

Priori introduces GenAI-powered Scout to automate panel management and interactions of law firms

INCUMBENTS_PRESENT

<div>
 <p>Upwork has collaborated with SAP Fieldglass and Flextrack, pioneers in vendor management systems (VMS) and managed service provider (MSP), for its Enterprise Suite offering. This partnership will allow Upwork to easily amalgamate with VMS platforms, providing a complete solution for sourcing and recruiting skilled independent professionals.</p>
</div>

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