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Upwork ( (UPWK) ) has issued an announcement.
On May 7, 2026, Upwork reported first-quarter 2026 results showing revenue up 1% year-over-year to $195.5 million, flat GSV of $987.1 million, and GAAP net income down 17% to $31.5 million, while adjusted EBITDA rose 3% to $57.4 million and GSV per active client increased 5%. The company highlighted rapid growth in AI-related work, strong uptake of its SMB-focused Business Plus offering, continued enterprise pipeline expansion, a new commitment for a $150 million revolving credit facility, and raised full-year 2026 adjusted EBITDA guidance alongside detailed Q2 and full-year revenue and earnings outlook.
Also on May 7, 2026, Upwork announced a restructuring plan that will reduce its total workforce by about 24% as it seeks a more efficient operating model and profitable growth in a challenging demand environment. The company expects to incur approximately $16 million to $23 million in pre-tax restructuring charges, largely severance and other termination costs, with most charges recognized over the next two to three quarters and the plan substantially completed by the fourth quarter of 2026, signaling a significant operational reset with implications for employees and future cost structure.
The most recent analyst rating on (UPWK) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on Upwork stock, see the UPWK Stock Forecast page.
Spark’s Take on UPWK Stock
According to Spark, TipRanks’ AI Analyst, UPWK is a Outperform.
The score is driven primarily by strong improving fundamentals (profitability inflection, high margins, and robust free cash flow) and a constructive, profitability-preserving 2026 outlook. These positives are meaningfully offset by very weak technicals (downtrend and bearish momentum despite oversold readings) and execution risk from a backloaded enterprise ramp and near-term integration-related margin pressure.
To see Spark’s full report on UPWK stock, click here.
More about Upwork
Upwork Inc., listed on Nasdaq as UPWK, operates in the online work marketplace industry, offering a human- and AI-powered platform that connects businesses with independent talent. The company focuses on AI-related work, small and medium-sized businesses, and enterprise clients, positioning its marketplace and AI tools like its Uma agent to capture evolving demand as work increasingly shifts online.
Average Trading Volume: 4,053,288
Technical Sentiment Signal: Sell
Current Market Cap: $1.31B
For an in-depth examination of UPWK stock, go to TipRanks’ Overview page.