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# Upwork Stock Soars 7%, Adding $86 Million, After Profit Rises And Outlook Is Raised
- URL: https://www.bullished.co/upwork-stock-soars-7-adding-86-million-after-profit-rises-and-outlook-is-raised-fcc81e3d/
- Published: 2026-11-03T16:34:52.000Z
- Updated: 2026-11-03T16:34:52.000Z
- Description: Cost cuts lifted profit and the earnings outlook rose, even as active clients and work volume fell about 10%.
- Author: Matteo Parrino
- Tags: Markets, UPWK, Industry: Consumer Discretionary

[Upwork](https://www.bullished.co/tag/upwk/), the online marketplace that connects businesses with independent professionals, saw its shares climb 7.10% to $10.41 in Tuesday trading, as of 11:33 a.m. ET, adding $86 million in market value. The move followed Monday's [third-quarter results](https://www.sec.gov/Archives/edgar/data/1627475/000162747526000053/upwork3q26-pressrelease%5F3q.htm?ref=bullished.co): $185.6 million in revenue and $31.8 million in net income, with a raised full-year earnings outlook.

## Profit up, volume down 10%

Gross services volume, the total value of work done on its platforms, slid 10.1% to $914.1 million. Active clients fell 10% to 717,000.

RBC Capital Markets put the client loss at 46,000 in the third quarter, up from 21,000 in the prior quarter.

For the fourth quarter, Upwork guided to revenue of $169 million to $177 million. It raised its full-year earnings-per-share outlook to $1.45 to $1.47, from $1.38 to $1.43.

## A new CFO on January 1

CFO Erica Gessert will step down on January 1\. Chief Business Officer Peter Sanborn was named her successor.

Upwork runs platforms for freelance, agency, fractional and payrolled work, plus Lifted, a subsidiary that helps large organizations source and pay contingent workers. Management has framed the business as rotating toward higher-value work and larger clients while the low-value work it once handled shrinks.

## A rebound from a deep hole

The shares were on pace for a fourth straight daily gain and their biggest one-day gain since October 22\. They had risen 21% in the month before this session.

Still, as of Monday's close the stock was down about 51% year-to-date, against a gain of about 10% for the S&P 500\. It sat 56% below its highest close of the past year, set on January 23.

The fourth-quarter guidance and the January 1 handoff to Sanborn are the next tests of whether cost cuts can offset shrinking marketplace volume.

### Sources

- [Upwork Posts Q3 Beat, AI Likely To Pressure Growth Through 2027](https://www.benzinga.com/analyst-stock-ratings/price-target/26/11/62826724/upwork-posts-q3-beat-ai-likely-to-pressure-growth-through-2027?ref=bullished.co) — benzinga.com
- [Why Upwork Stock Is Soaring Monday](https://www.benzinga.com/markets/earnings/26/11/62802375/why-upwork-stock-is-soaring-monday?ref=bullished.co) — benzinga.com
- [Document](https://www.sec.gov/Archives/edgar/data/1627475/000162747526000053/upwork3q26-pressrelease%5F3q.htm?ref=bullished.co) — sec.gov
- [Premarket movers: Apple, Palantir, Dynatrace slide premarket; Grab, Upwork jump](https://finance.yahoo.com/markets/stocks/articles/premarket-movers-apple-palantir-dynatrace-130332497.html?ref=bullished.co) — Yahoo Finance
- [Upwork outlines $236M-$240M FY2026 adjusted EBITDA as it acquires WorkMotion (NASDAQ:UPWK) | Seeking Alpha](https://seekingalpha.com/news/4663156-upwork-outlines-236m-240m-fy2026-adjusted-ebitda-as-it-acquires-workmotion?ref=bullished.co) — seekingalpha.com
- [The company's filing (Upwork)](https://www.sec.gov/Archives/edgar/data/0001627475/000162747526000053/upwork-20261027.htm?ref=bullished.co) — SEC filing
- [Upwork Introduces Upwork Now to Help Clients Hire Experts in Minutes](https://www.globenewswire.com/news-release/2026/11/02/3393672/0/en/upwork-introduces-upwork-now-to-help-clients-hire-experts-in-minutes.html?ref=bullished.co) — GlobeNewswire Inc.
- [Upwork — Form 10-Q for the quarter ended 2026-09-30 (quarterly results)](https://www.sec.gov/Archives/edgar/data/1627475/000162747526000055/upwk-20260930.htm?ref=bullished.co) — SEC EDGAR

### More on Upwork

- [Upwork Profit Rises 8% To $31.8 Million As Marketplace Volume Falls 10.1% And CFO Gessert Departs](https://www.bullished.co/upwork-profit-rises-8-to-31-8-million-as-marketplace-volume-falls-10-1-and-cfo-gessert-caa43776/)

[All Upwork (UPWK) coverage →](https://www.bullished.co/tag/upwk/)