Record-Breaking Revenue and Profitability
Upwork exceeded $200 million in quarterly revenue for the first time with $201.7 million, and achieved a GAAP net income of $29.3 million in Q3. Adjusted EBITDA reached an all-time high of $59.6 million with a margin of 29.6%.
AI-Driven Growth
The adoption of AI technologies led to significant growth, including a 45% increase in clients engaging in AI-related projects and a 53% increase in GSV from AI-related work year-over-year. AI-driven search and recommendations are expected to contribute an additional $100 million in GSV for 2025.
Expansion in SMB and Enterprise Segments
The Upwork Business Plus saw active client growth of 36% quarter-over-quarter. The launch of the new enterprise subsidiary, Lifted, is expected to unlock significant potential in the $650 billion contingent work market.
Positive Financial Guidance
Upwork increased its full-year revenue guidance to $782 million to $787 million and adjusted EBITDA guidance to $222 million to $225 million, reflecting a more than 6-point margin expansion versus 2024.