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Business Upturn
3 days ago
- Business
- Business Upturn
Upwork Establishes Economic Advisory Council to Deepen Understanding of AI's Impact on Work
By GlobeNewswire Published on June 30, 2025, 13:25 IST Council brings together leading academics from MIT, Stanford and Georgetown to advise on AI-human workforce design, identify labor market shifts, and guide Upwork's AI-powered evolution PALO ALTO, Calif., June 30, 2025 (GLOBE NEWSWIRE) — Upwork Inc. (Nasdaq: UPWK), the world's work marketplace, today announced the formation of the Upwork Economic Advisory Council, a group of preeminent economists, scientists, and researchers who will provide strategic guidance to the company as it advances its human and AI-powered platform to better serve customers around the world in getting work done. As AI reshapes industries and workforces globally, the Upwork Economic Advisory Council will offer critical insight into the economic, social, and ethical implications of AI's rapid integration into work and the workforce, ensuring Upwork's innovations in the space are grounded in rigorous, real-world research. With millions of interactions and transactions taking place each year, Upwork's platform offers one of the most comprehensive views into how work is evolving. As a self-contained labor marketplace with $4 billion in gross services volume (GSV) in 2024 alone, activity on the platform often serves as an early indicator of broader labor market trends. Upwork's latest research on how AI is reshaping work is available here . 'Work is being reshaped by AI,' said Hayden Brown, president and CEO of Upwork. 'By assembling the best minds at the intersection of economics, technology, and business management, we are advancing our commitment to create opportunity for our customers by building the next frontier of human and AI-powered flexible work. Our dynamic marketplace and cutting-edge technology uniquely position us to be a pioneer, and this Council will only further that work.' The Economic Advisory Council spans expertise across labor economics, marketplace design, organizational productivity, behavioral science, and technology. Members include: Dr. Nicholas Bloom, professor of economics at Stanford University and senior fellow at the Stanford Institute for Economic Policy Research (SIEPR). Bloom's research focuses on management practices, productivity measurement, and organizational behavior, with recent studies exploring the future of remote work and AI's impact on workplace dynamics. professor of economics at Stanford University and senior fellow at the Stanford Institute for Economic Policy Research (SIEPR). Bloom's research focuses on management practices, productivity measurement, and organizational behavior, with recent studies exploring the future of remote work and AI's impact on workplace dynamics. Dr. John Horton, associate professor at the MIT Sloan School of Management and faculty research fellow at the National Bureau of Economic Research (NBER). Horton's research focuses on information systems, market design, labor economics, organizational dynamics, and the effects of AI on labor markets. associate professor at the MIT Sloan School of Management and faculty research fellow at the National Bureau of Economic Research (NBER). Horton's research focuses on information systems, market design, labor economics, organizational dynamics, and the effects of AI on labor markets. Dr. Kelly Monahan, managing director of the Upwork Research Institute. Monahan studies and writes on emerging technologies, workforce transformation, and the integration of non-traditional talent models like freelancing, with particular emphasis on human-centric approaches to AI adoption and organizational design. managing director of the Upwork Research Institute. Monahan studies and writes on emerging technologies, workforce transformation, and the integration of non-traditional talent models like freelancing, with particular emphasis on human-centric approaches to AI adoption and organizational design. Dr. Sendhil Mullainathan, professor in the Department of Economics and the Department of Electrical Engineering and Computer Science at MIT. Mullainathan's research applies machine learning to complex problems in human behavior, social policy, and medicine. professor in the Department of Economics and the Department of Electrical Engineering and Computer Science at MIT. Mullainathan's research applies machine learning to complex problems in human behavior, social policy, and medicine. Dr. Dewey Murdick, executive director of Georgetown University's Center for Security and Emerging Technology (CSET). Murdick specializes in technology foresight, AI policy, and data science, with a focus on how emerging technologies reshape labor markets and societal structures. executive director of Georgetown University's Center for Security and Emerging Technology (CSET). Murdick specializes in technology foresight, AI policy, and data science, with a focus on how emerging technologies reshape labor markets and societal structures. Dr. Andrew Rabinovich, VP of artificial intelligence and machine learning at Upwork. Rabinovich leads Upwork's AI transformation strategy, drawing on over two decades of expertise in machine learning and computer vision. Rabinovich's research primarily focuses on computer vision, multimodal learning, and structured deep learning architectures. VP of artificial intelligence and machine learning at Upwork. Rabinovich leads Upwork's AI transformation strategy, drawing on over two decades of expertise in machine learning and computer vision. Rabinovich's research primarily focuses on computer vision, multimodal learning, and structured deep learning architectures. Dr. Melissa Valentine, associate professor of management science and engineering at Stanford University and senior fellow at the Stanford Institute for Human-Centered AI. Valentine's research examines how AI and algorithmic systems transform collaboration, organizational design, and workforce structures. The council's mandate is to: Advise on frameworks to measure productivity, performance, and economic value in AI-enabled work. Guide the integration of ethical and economic principles into AI-driven marketplace evolution. Identify early indicators of labor market shifts driven by AI adoption. Provide strategic insight into emerging skills and talent supply trends. Collaborate on research and thought leadership. 'Academic research in artificial intelligence has exploded, quadrupling since 2015, yet work at the intersection of AI and labor markets remains limited,' said Dr. Kelly Monahan, managing director of the Upwork Research Institute. 'Our Economic Advisory Council aims to close that gap, translating cutting-edge research into practical applications that protect human agency, ensure marketplace trust, and expand opportunity in an AI-enabled future.' Upwork's new council underscores the company's broader commitment to human-centered, responsible AI innovation. To learn more about the council's work and members, visit the Upwork Research Institute: . About Upwork Upwork is the world's largest work marketplace that connects businesses with highly skilled, AI-enabled independent talent from across the globe. From entrepreneurs to Fortune 100 enterprises, companies rely on Upwork's trusted platform and its mindful AI companion, Uma, to find and hire expert talent, leverage AI-powered work solutions, and drive business transformation. With on-demand access to professionals spanning more than 10,000 skills across AI & machine learning, software development, sales & marketing, customer support, finance & accounting, and more, Upwork enables businesses of all sizes to scale, innovate, and build agile teams for the age of AI and beyond. Upwork's platform has facilitated more than $25 billion in economic opportunity for talent around the world. Learn more at and follow us on LinkedIn , Facebook , Instagram , TikTok , and X . Contact:Christine Lee [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
3 days ago
- Business
- Yahoo
Upwork Establishes Economic Advisory Council to Deepen Understanding of AI's Impact on Work
Council brings together leading academics from MIT, Stanford and Georgetown to advise on AI-human workforce design, identify labor market shifts, and guide Upwork's AI-powered evolution PALO ALTO, Calif., June 30, 2025 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world's work marketplace, today announced the formation of the Upwork Economic Advisory Council, a group of preeminent economists, scientists, and researchers who will provide strategic guidance to the company as it advances its human and AI-powered platform to better serve customers around the world in getting work done. As AI reshapes industries and workforces globally, the Upwork Economic Advisory Council will offer critical insight into the economic, social, and ethical implications of AI's rapid integration into work and the workforce, ensuring Upwork's innovations in the space are grounded in rigorous, real-world research. With millions of interactions and transactions taking place each year, Upwork's platform offers one of the most comprehensive views into how work is evolving. As a self-contained labor marketplace with $4 billion in gross services volume (GSV) in 2024 alone, activity on the platform often serves as an early indicator of broader labor market trends. Upwork's latest research on how AI is reshaping work is available here. 'Work is being reshaped by AI,' said Hayden Brown, president and CEO of Upwork. 'By assembling the best minds at the intersection of economics, technology, and business management, we are advancing our commitment to create opportunity for our customers by building the next frontier of human and AI-powered flexible work. Our dynamic marketplace and cutting-edge technology uniquely position us to be a pioneer, and this Council will only further that work.' The Economic Advisory Council spans expertise across labor economics, marketplace design, organizational productivity, behavioral science, and technology. Members include: Dr. Nicholas Bloom, professor of economics at Stanford University and senior fellow at the Stanford Institute for Economic Policy Research (SIEPR). Bloom's research focuses on management practices, productivity measurement, and organizational behavior, with recent studies exploring the future of remote work and AI's impact on workplace dynamics. Dr. John Horton, associate professor at the MIT Sloan School of Management and faculty research fellow at the National Bureau of Economic Research (NBER). Horton's research focuses on information systems, market design, labor economics, organizational dynamics, and the effects of AI on labor markets. Dr. Kelly Monahan, managing director of the Upwork Research Institute. Monahan studies and writes on emerging technologies, workforce transformation, and the integration of non-traditional talent models like freelancing, with particular emphasis on human-centric approaches to AI adoption and organizational design. Dr. Sendhil Mullainathan, professor in the Department of Economics and the Department of Electrical Engineering and Computer Science at MIT. Mullainathan's research applies machine learning to complex problems in human behavior, social policy, and medicine. Dr. Dewey Murdick, executive director of Georgetown University's Center for Security and Emerging Technology (CSET). Murdick specializes in technology foresight, AI policy, and data science, with a focus on how emerging technologies reshape labor markets and societal structures. Dr. Andrew Rabinovich, VP of artificial intelligence and machine learning at Upwork. Rabinovich leads Upwork's AI transformation strategy, drawing on over two decades of expertise in machine learning and computer vision. Rabinovich's research primarily focuses on computer vision, multimodal learning, and structured deep learning architectures. Dr. Melissa Valentine, associate professor of management science and engineering at Stanford University and senior fellow at the Stanford Institute for Human-Centered AI. Valentine's research examines how AI and algorithmic systems transform collaboration, organizational design, and workforce structures. The council's mandate is to: Advise on frameworks to measure productivity, performance, and economic value in AI-enabled work. Guide the integration of ethical and economic principles into AI-driven marketplace evolution. Identify early indicators of labor market shifts driven by AI adoption. Provide strategic insight into emerging skills and talent supply trends. Collaborate on research and thought leadership. 'Academic research in artificial intelligence has exploded, quadrupling since 2015, yet work at the intersection of AI and labor markets remains limited,' said Dr. Kelly Monahan, managing director of the Upwork Research Institute. 'Our Economic Advisory Council aims to close that gap, translating cutting-edge research into practical applications that protect human agency, ensure marketplace trust, and expand opportunity in an AI-enabled future.' Upwork's new council underscores the company's broader commitment to human-centered, responsible AI innovation. To learn more about the council's work and members, visit the Upwork Research Institute: About Upwork Upwork is the world's largest work marketplace that connects businesses with highly skilled, AI-enabled independent talent from across the globe. From entrepreneurs to Fortune 100 enterprises, companies rely on Upwork's trusted platform and its mindful AI companion, Uma, to find and hire expert talent, leverage AI-powered work solutions, and drive business transformation. With on-demand access to professionals spanning more than 10,000 skills across AI & machine learning, software development, sales & marketing, customer support, finance & accounting, and more, Upwork enables businesses of all sizes to scale, innovate, and build agile teams for the age of AI and beyond. Upwork's platform has facilitated more than $25 billion in economic opportunity for talent around the world. Learn more at and follow us on LinkedIn, Facebook, Instagram, TikTok, and X. Contact:Christine Leepress@
Yahoo
06-05-2025
- Business
- Yahoo
Upwork Inc (UPWK) Q1 2025 Earnings Call Highlights: Record Revenue and Strategic AI Investments ...
Revenue: $192.7 million, a record for the first quarter. Adjusted EBITDA: $56 million, with a margin of 29%. Gross Margin: 78.3%. GSV (Gross Services Volume): $988 million. Net Income: $37.7 million, a 105% increase over 2024. Free Cash Flow: $30.8 million. Cash and Cash Equivalents: Approximately $622 million at the end of the first quarter. Enterprise Revenue: $26.4 million, relatively flat year-over-year. Managed Services Revenue: $15.3 million, a 3% year-over-year growth. Marketplace Take Rate: 18.3% in Q1 2025, up from 17.7% in Q1 2024. Stock Buyback: $33.1 million used to buy back 2.3 million shares. Guidance for Q2 2025 Revenue: $184 million to $189 million. Guidance for Full Year 2025 Revenue: $740 million to $760 million. Guidance for Full Year 2025 Adjusted EBITDA: $190 million to $200 million. Non-GAAP Diluted EPS Guidance for 2025: Between $1.05 and $1.10. Stock-Based Compensation for 2025: Expected to be between $60 million and $65 million. Warning! GuruFocus has detected 2 Warning Signs with DMRC. Release Date: May 05, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Upwork Inc (NASDAQ:UPWK) reported a record first quarter revenue of $192.7 million, exceeding the high end of their guidance range. The company achieved a record high adjusted EBITDA of $56 million and an adjusted EBITDA margin of 29%. Upwork Inc (NASDAQ:UPWK) is seeing strong growth in its Business Plus offering, with active clients more than doubling quarter over quarter. The company is making significant strides in AI, with 80,000 AI specialists on the platform and AI-related work commanding a 40% premium in freelancer earnings. Upwork Inc (NASDAQ:UPWK) is well-positioned to lead the AI revolution with its investments in Uma, Upwork's Mindful AI, which is transforming customer experiences and driving platform engagement. Upwork Inc (NASDAQ:UPWK) is experiencing some pressure on active client count due to top of funnel demand challenges. The macroeconomic environment remains turbulent, with slight macro headwinds impacting customer activity. Enterprise revenue was relatively flat year-over-year as the company shifted its sales focus. The company anticipates that Q1 will be the high water mark for margins in 2025 as they reinvest in growth opportunities. Despite strong performance, Upwork Inc (NASDAQ:UPWK) is facing ongoing challenges in attracting new clients due to broader economic uncertainties. Q: Can you elaborate on the broader economic assumptions in your guidance and the role of AI in driving business growth? A: Erica Gessert, CFO, explained that customer spend dynamics in Q1 were positive, driven by product improvements and AI enhancements, despite slight macro headwinds. Hayden Brown, CEO, added that AI is a catalyst for growth, with AI-related work commanding a 40% premium, driving new client acquisition and increased platform volumes. Q: What is driving the growth in larger customer segments, and is this a result of market shifts or strategic changes? A: Hayden Brown, CEO, noted that efforts to unlock spend from larger customers are working, with year-over-year growth in large customer spend. This is part of a focused strategy initiated last year with Business Plus and changes in the enterprise area, targeting larger customer segments. Q: Can you discuss the recent enhancements in search and recommendation features and their impact? A: Hayden Brown, CEO, highlighted new features like semantic search and improved client dashboards, which have positively impacted client metrics. Erica Gessert, CFO, added that performance marketing optimization has lifted average LTV per client acquisition, contributing to growth in GSV per active client. Q: How is Business Plus evolving, and what impact is it having on client acquisition? A: Hayden Brown, CEO, stated that Business Plus is attracting larger customers, both new and existing, with features like enterprise-vetted talent and net 30 payment terms. This has led to higher client conversion rates and average spend per client compared to standard marketplace customers. Q: What are the expected impacts of AI on GSV growth, and when do you anticipate re-acceleration? A: Hayden Brown, CEO, expects GSV growth to re-accelerate in 2026, driven by AI-related investments and enterprise strategies. AI-related work grew 25% in the quarter, with categories like prompt engineering growing 52% year-over-year, indicating substantial opportunities for growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
05-05-2025
- Business
- Yahoo
Upwork (NASDAQ:UPWK) Posts Better-Than-Expected Sales In Q1, Stock Soars
Online work marketplace Upwork (NASDAQ:UPWK) reported revenue ahead of Wall Street's expectations in Q1 CY2025, but sales were flat year on year at $192.7 million. The company expects next quarter's revenue to be around $186.5 million, close to analysts' estimates. Its non-GAAP profit of $0.27 per share was in line with analysts' consensus estimates. Is now the time to buy Upwork? Find out in our full research report. Revenue: $192.7 million vs analyst estimates of $188.5 million (flat year on year, 2.2% beat) Adjusted EPS: $0.27 vs analyst estimates of $0.27 (in line) Adjusted EBITDA: $56.01 million vs analyst estimates of $48.33 million (29.1% margin, 15.9% beat) The company reconfirmed its revenue guidance for the full year of $750 million at the midpoint Management raised its full-year Adjusted EPS guidance to $1.16 at the midpoint, a 7.9% increase EBITDA guidance for the full year is $195 million at the midpoint, above analyst estimates of $185.7 million Operating Margin: 20.1%, up from 6.8% in the same quarter last year Free Cash Flow Margin: 16%, down from 18.1% in the previous quarter Gross Services Volume: 812,000, down 60,000 year on year Market Capitalization: $1.79 billion 'Upwork is off to a strong start in 2025, delivering record first-quarter results across revenue and profitability, a testament to the team's accelerated execution and the resilience of our business model,' said Hayden Brown, president and CEO, Upwork. Formed through the 2013 merger of Elance and oDesk, Upwork (NASDAQ:UPWK) is an online platform where businesses and independent professionals connect to get work done. A company's long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Thankfully, Upwork's 13.3% annualized revenue growth over the last three years was decent. Its growth was slightly above the average consumer internet company and shows its offerings resonate with customers. This quarter, Upwork's $192.7 million of revenue was flat year on year but beat Wall Street's estimates by 2.2%. Company management is currently guiding for a 3.4% year-on-year decline in sales next quarter. Looking further ahead, sell-side analysts expect revenue to decline by 1% over the next 12 months, a deceleration versus the last three years. This projection is underwhelming and suggests its products and services will see some demand headwinds. At least the company is tracking well in other measures of financial health. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories. As a gig economy marketplace, Upwork generates revenue growth by expanding the number of services on its platform (e.g. rides, deliveries, freelance jobs) and raising the commission fee from each service provided. Over the last two years, Upwork's gross services volume, a key performance metric for the company, increased by 1.6% annually to 812,000 in the latest quarter. This growth rate is one of the lowest in the consumer internet sector. If Upwork wants to accelerate growth, it likely needs to engage users more effectively with its existing offerings or innovate with new products. Unfortunately, Upwork's gross services volume decreased by 60,000 in Q1, a 6.9% drop since last year. The quarterly print was lower than its two-year result, suggesting its new initiatives aren't moving the needle for customers yet. Average revenue per customer (ARPC) is a critical metric to track because it measures how much the company earns in transaction fees from each customer. This number also informs us about Upwork's take rate, which represents its pricing leverage over the ecosystem, or "cut" from each transaction. Upwork's ARPC growth has been impressive over the last two years, averaging 8.3%. Its ability to increase monetization while growing its gross services volume demonstrates its platform's value, as its customers continue to spend more each year. This quarter, Upwork's ARPC clocked in at $237.32. It grew by 8.4% year on year, faster than its gross services volume. We were impressed by how significantly Upwork blew past analysts' revenue and EBITDA expectations this quarter. We were also glad its full-year EBITDA and EPS guidance trumped Wall Street's estimates. On the other hand, its gross services volume fell short of Wall Street's estimates and its number of customers declined. Overall, this print was mixed but still had some key positives. The stock traded up 9.7% to $14.60 immediately after reporting. Big picture, is Upwork a buy here and now? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Sign in to access your portfolio
