NEW YORK, December 30, 2025, 15:28 ET — Regular session
- UPWK underperformed a muted U.S. stock market into the final trading days of 2025.
- Investors are looking to the next quarterly report for updates on growth, margins and AI-led products.
- Gig-economy and online hiring peers were mixed in afternoon trade.
Upwork Inc shares were last down 3.4% at $19.60 on Tuesday, after dipping as low as $19.60 in the session. The stock, valued at about $2.46 billion, was sliding even as the S&P 500 and Nasdaq-100 proxies were only modestly lower.
The move matters because Upwork has been trading as a profitability-and-execution story, leaving the stock prone to sharp swings when investors rotate away from smaller growth names. A fall below the $20 level also puts a spotlight on near-term technical support, with traders watching whether the stock can reclaim its prior close.
The next major catalyst is Upwork’s next earnings report, which Nasdaq’s earnings calendar estimates for February 11. Investors will be looking for updates on client activity, platform spending and whether management can keep margins expanding into 2026. 1
Upwork’s latest formal update came with its third-quarter results on November 3, when it reported revenue of $201.7 million and GAAP net income of $29.3 million and said gross services volume (GSV) — a measure of client spending on its platform — rose 2% from a year earlier. The company guided fourth-quarter revenue of $193 million to $198 million and non-GAAP diluted EPS of $0.31 to $0.33, and raised full-year revenue and adjusted EBITDA targets; adjusted EBITDA is a profit metric that strips out some expenses and non-cash items. “We crossed the $200 million revenue milestone,” CFO Erica Gessert said in the release, which also highlighted faster growth in AI-related projects and an enterprise push tied to its Lifted unit. 2
GSV is closely tracked by investors because it can signal whether demand is rising or falling on the marketplace before that flow shows up in reported revenue. “Non-GAAP” figures exclude certain items and are commonly used by management teams and analysts to compare operating performance across periods.
Upwork operates an online marketplace that connects businesses with freelance talent, and its results can be sensitive to shifts in hiring plans and discretionary project budgets. That makes the stock a frequent read-through on broader labor-market sentiment, especially for tech and services clients.
Competition in online freelance and hiring platforms remains intense, with Upwork facing rivals that range from freelancer marketplaces to job boards and enterprise staffing solutions. Investors often compare product innovation and customer retention across the group when earnings season approaches.
In the near term, traders are also watching whether Upwork can stabilize after Tuesday’s slide to the session low and whether buyers step in around psychological levels such as $20. A quick bounce can signal that selling pressure is fading; a failure to hold recent lows can keep momentum tilted toward sellers.
Before the next earnings update, investors are likely to focus on signs that AI-related work continues to gain share on the platform, that enterprise initiatives translate into customer adoption, and that profitability holds up even if growth remains uneven. Broader market risk appetite into early 2026 will also influence smaller tech names such as Upwork.
