Following the announcement of Q4 and fiscal 2021 results, Upworks Inc. (UPWK) stock took a further hit in the after hours. The company declared its financial results after the bell on February 10, 2022.
The online marketplace operator’s stock had already shed 2.56% during the regular trading on Thursday. UPWK closed the regular session at $28.21 with a heavy volume of 3.27 million shares. Following the release, the stock plunged down to $26.20 in the after hours. Hence, UPWK lost a further 7.13% in the after-hours on Thursday.
Founded in 2013, Upworks Inc. has a market capitalization of $3.71 billion. Currently, the company has 128.23 million shares outstanding in the market. In the past five days, the stock increased by 6.09% while it has lost 17.42% year to date. Last year, UPWK lost a huge value of 50.38%.
UPWK: 2021 Results
Revenue
In Q4 2021, the company had total revenue of $136.9 million with a YOY increase of 29%.
Moreover, UPWK’s total revenue for fiscal 2021 increased by 35% YOY to $502.8 million.
Net Income (Loss)
For Q4 2021, the company reported a non-GAAP net loss of $6.1 million, against a non-GAAP net income of $7.8 million in the year-ago quarter. Thus, the non-GAAP net income(loss) per diluted share was $(0.05) and $0.06 in Q4 of 2021 and 2020, respectively.
Furthermore, for fiscal 2021 the non-GAAP net income was $7.5 million ($0.06/diluted share), against $6.1 million ($0.05/diluted share) in the previous year.
Gross Service Volume (GSV)
UPWK reported GSV of $980 million for Q4 and $3.5 billion for full-year 2021. This marks an increase of 35% YOY for Q4 and 41% YOY for full-year 2021 in GSV.
Future Guidance
The company expects a non-GAAP basic loss per share of $0.11-$0.13 on revenue of $139-$141 million for Q1 2022.
Additionally, for fiscal 2022, UPWK expects a non-GAAP basic loss per share of $0.8-$0.11 on revenue of $620-$630 million.
UPWK Company News
On January 13, the company announced the appointment of Patrick Hedren as its Vice President, Global Head of public policy and government relations. UPWK newly created this role to keep up with the dramatic change in work.
Previously, Mr. Hedren served at the National Association of Manufacturers where he was deputy general counsel and VP. Before that, he also served GE’s Government Affairs & Policy group as senior counsel.
Conclusion
In conclusion, the missed EPS and gloomy future outlook disappointed the investors. Therefore, the stock tanked in the after-hours on Thursday.
