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Upwork Inc. (UPWK-5.49%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $769.3 million, an increase from $689.1 million in 2023. This growth was driven by a 13% increase in Marketplace revenue to $662.1 million.
Net income for the year was $215.6 million, up from $46.9 million in 2023. This includes a $140.3 million tax benefit from the release of a valuation allowance on deferred tax assets.
Gross services volume (GSV) decreased by 3% to $4.0 billion, reflecting adverse macroeconomic conditions. Active clients decreased by 2% to 832,000.
Upwork's Marketplace take rate increased to 18.0%, up from 15.4% in 2023, due to changes in its fee structure and other initiatives.
The company implemented a restructuring plan in October 2024, resulting in a 21% workforce reduction and $19.2 million in restructuring charges.
Upwork completed the acquisition of Objective AI, Inc. for $19.1 million in November 2024, aiming to enhance its AI capabilities.
Cash and cash equivalents increased to $305.8 million, with marketable securities totaling $316.3 million as of December 31, 2024.
Upwork repurchased $100 million of its common stock under its 2023 share repurchase program and authorized an additional $100 million repurchase program in October 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Upwork Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.