Why Upwork Stock Dropped After Earnings

Shares of Upwork (NASDAQ: UPWK) were down a discouraging 12% at 11:50 a.m. EDT today, despite the freelance-jobs marketplace reporting better-than-expected sales and earnings in its first-quarter 2021 financial report, released last night.

Analysts had forecast that Upwork would lose $0.04 per share, pro forma, on $108.9 million in revenue for its first fiscal quarter of 2021. Instead, Upwork reported a surprise $0.03 per share profit, pro forma, and sales of $113.6 million.  

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Source Fool.com