What is Upwork? The company is a talent hiring website and software for businesses to find freelancers, hire part time, full time and pay skills for projects. They also provide an enterprise subscription allowing another stream of business revenue. Companies that use UpWork include Airbnb, Microsoft, Marriot International, AB inbev, Constellation Brands and more.
Their recent Q3’ 22 earnings showed promising $158M and net loss of $24M. With $152M in cash. The burn rate of the company isn’t like other software companies. One notable area of growth I find so interesting is the enterprise revenue. They grew that business at 41% year over year to $12.5M. That number may seem little however I think it could be the start of something that can turn into a huge growth area for the company.
The company is guiding a full year of $616M and currently trades at $1.6B market cap making it trading at 2.59x sales. Seems affordable to make an investment? Is this a highly competitive space? What other public companies plays in this industry?
I haven’t pulled the trigger yet, more considerate of this subs opinions. Thanks to everyone contributing to this.
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