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Why Upwork Stock Dropped 11% Today

TheMotleyFool

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Shares of work-from-home freelancing company Upwork (NASDAQ: UPWK) were down sharply in early afternoon trading Friday, off 10.6% as of 12:25 p.m. EDT. Given that this is earnings season, you might expect that Upwork missed earnings -- but the opposite is true.

Analysts expected Upwork to post a loss of $0.05 per share on $74.3 million in sales for its fiscal second quarter 2019. In fact, it hit the sales estimate on the nose -- and either earned $0.01 a share (pro forma), or lost only $0.02 under generally accepted accounting principles (GAAP).

Image source: Getty Images.

Source Fool.com

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