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00:02Upwork reported first quarter adjusted earnings of $0.35 per share on $195.48 million in revenue
00:10compared with analyst estimates of $0.27 per share and $195.90 million in revenue,
00:17according to Benzinga. Total revenue increased 1% year over year. Active clients totaled $784,000
00:25at quarter's end, while gross services volume per active client rose 5% year over year to $5,138.
00:33Upwork generated $23 million in operating cash flow and $12.9 million in free cash flow during
00:40the quarter. Upwork also announced a restructuring plan that includes a workforce reduction of about
00:4624%. The company lowered its full-year revenue outlook to $760 million to $790 million from
00:54$835 million to $850 million and forecast second quarter revenue below estimates.
01:02Shares were down by 20.63% at $8 in Friday's pre-market trading, according to data from Benzinga Pro.
01:09For all things money, visit Benzinga.com.
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