Upwork: Plodding Along
- Upwork reported a solid quarter with revenues beating analyst estimates and growing at an impressive 18% clip.
- The freelance platform didn't guide to the most impressive 2023 growth rate, but Upwork growing sales at 13% is solid for the macro weakness.
- The stock is cheap at only 2x forward sales while the company forecasts being profitable in '23.
- This idea was discussed in more depth with members of my private investing community, Out Fox The Street. Learn More »
As with most tech related businesses, Upwork (NASDAQ:UPWK) trades at the lows of the last few years. The company saw an initial work from home boost in demand for freelance work, but Upwork has now been hit by budget cuts reducing demand for part-time work following impacts from the war in Ukraine. My investment thesis is ultra Bullish on the stock trading at a depressed valuation multiple.
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