Despite slowing growth in the first quarter, Upwork Inc. (NASDAQ: UPWK) has seen plenty of bright spots amid macroeconomic uncertainty. From its self-service marketplace to enterprise revenue, the San Francisco-based company is taking big strides. The number of active clients increased by 4% year over year to 827,000 and interest in generative AI continues to climb, with the number of search queries related to generative AI in the first quarter increasing more than 1,000% compared to the fourth quarter of 2022.
To prepare for the new realities, Upwork has taken steps to streamline operations, including a workforce reduction, pausing second-half brand media investment, revising it’s hiring plans and reducing vendor-related expenses. The measures are already driving more than $80 million in annualised net cost savings.
Although the company is reducing its full-year revenue forecast to between $655 million and $670 million, growth of 7% at the midpoint, it expects second-quarter revenue of between $161 million and $164 million, an increase of 4% at the midpoint.
As Upwork continues to navigate the uncertain economy and make changes to stay ahead, the company recently announced Chief Sales