UPWK - Upwork Inc.

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
16.58
+1.56 (+10.42%)
As of 9:59AM EDT. Market open.
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close15.02
Open15.34
Bid16.66 x 900
Ask16.68 x 900
Day's Range15.33 - 16.70
52 Week Range5.14 - 17.75
Volume769,687
Avg. Volume3,062,585
Market Cap1.91B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.19
Earnings DateAug 04, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est13.50
  • Upwork Q2: RBC Bullish Into Print Despite Stock’s Steep Climb
    SmarterAnalyst

    Upwork Q2: RBC Bullish Into Print Despite Stock’s Steep Climb

    Global freelancing platform Upwork (UPWK) is set to report its second quarter earning results tomorrow, after market close. And going into the print RBC Capital analyst Mark Mahaney is bullish on the stock’s outlook.He reiterated his buy rating on Upwork on August 2 with a $14 price target. However, given the stock’s year-to-date climb of over 40%, his price target indicates 7% downside potential from current levels.According to the analyst, intra-quarter data points and model sensitivity suggest that the Street’s Q2 Revenue and EBITDA estimates are reasonable.“We also see Street’s Q3 and FY20 estimates as bracketable, with slightly greater upside variance as the elevated job postings and record high client engagements UPWK saw in April translate to billings, and we think there is the possibility that UPWK emerges from the COVID Crisis as a Structural Winner, which is not captured in current Street estimates” he told investors.Specifically, Mahaney is forecasting of $80MM, in line with the Street and within management guidance at $79MM-$81MM, and Q2 EBITDA of ($8.4MM), below the Street at ($5.8MM). That’s alongside $72MM of Marketplace Revenue (up 9% Y/Y vs. 23% Y/Y in Q1) and 76% Marketplace Gross Margin (vs. 77% in Q2:19).For Q2, he is also estimating that UPWK will add 4K new core clients to reach 133k (15% Y/Y growth vs. 5K Net Adds and 21% Y/Y growth in Q2:19), with a potential acceleration in Net Adds in H2:20 as the Enterprise salesforce the company acquired in 2019 is fully ramped up.Longer term, Mahaney believe Upwork faces a very large market opportunity with a a strong value proposition to clients and freelancers, and has multiple future growth opportunities.“The key business model strengths influencing our Outperform rating are high visibility into the businesses (104% Retention Rate on Client Spend), strong gross margins (71%), and robust, sustainable Revenue growth of 20%+” he concludes.Overall the Street shares Mahaney’s optimistic take on this key internet player. The Street consensus is a bullish Strong Buy, although the average analyst price target of $13.25 indicate that shares could pullback from current levels. (See UPWK stock analysis on TipRanks)Related News: Alphabet Up 8% After-Hours Despite First-Ever Revenue Decline Facebook Soars 6% After-Hours On Strong Beat, Ad Resilience Amazon Rises 5% As ‘King Of E-Commerce Shines Amidst The Pandemic’ More recent articles from Smarter Analyst: * Varian Pops 24% In Pre-Market On $16.4B Buyout Deal; BTIG Sticks To Buy * Immunic Spikes 35% In Pre-Market On Positive Multiple Sclerosis Data * Sanofi, GSK Nearing EU Supply Deal For 300M Covid-19 Vaccine Doses * Apple Snaps Up Canadian Payment Startup Mobeewave For $100M - Report

  • How remote working impacts the broader economy
    Yahoo Finance Video

    How remote working impacts the broader economy

    Yahoo Finance’s Alexis Christoforous and Brian Sozzi speak with Upwork Chief Economist Adam Ozimek about the current state of the economy, and how working remotely can help shrink the U.S. wage gap.

  • Earnings Preview: Upwork (UPWK) Q2 Earnings Expected to Decline
    Zacks

    Earnings Preview: Upwork (UPWK) Q2 Earnings Expected to Decline

    Upwork (UPWK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • 10 Hot Stocks to Buy as the Coronavirus Gets Ugly Again
    InvestorPlace

    10 Hot Stocks to Buy as the Coronavirus Gets Ugly Again

    In the immediate aftermath of the novel coronavirus' first assault, most investors scrambled for cover, resulting in sharp, extreme volatility. Sentiment bounced back quickly, though, in part due to strong government leadership. But with political divisiveness now the order of the day along with a rise in coronavirus cases, the case for hot stocks to buy appears in danger.While I'm not going to dismiss the risks associated with investing at this juncture, many publicly traded companies fundamentally offer compelling exposure. Yes, it's true that the pandemic has busted many business models, such as buffet-style restaurants. At the same time, it has also opened opportunities for suddenly relevant entities, attracting attention as potential hot stocks to buy.Beyond the obvious health concern, arguably the biggest source of anxiety for most Americans is the workplace. Particularly, what will it look like in the new normal and more elementally, will it even exist? For now, many white-collar workers are fortunate enough to operate remotely. But I've become cynical in that companies may use the pandemic as cover to outsource these jobs.InvestorPlace - Stock Market News, Stock Advice & Trading TipsHowever, Paul H. Pincus, partner at Ortoli Rosenstadt LLP and head of the firm's employment law practice, wrote to me in an email:"Federal and state laws generally do not prevent private employers from outsourcing U.S.-based jobs to other countries, although doing so may raise legal issues regarding data protection and privacy, export controls, and intellectual property rights. Also, outsourcing of specific jobs may be impacted by state or federal regulation of certain industries such as healthcare, finance, and insurance." * 10 Cybersecurity Stocks We Need Now More Than Ever Additionally, Pincus noted that it was "too early" to know if the present remote work phenomenon will lead to outsourcing. Given the complexities of this issue, hot stocks to buy related to the work-from-home sector may enjoy continued relevance. As well, these other companies may prosper in our new normal. * E*Trade Financial (NASDAQ:ETFC) * Upwork (NASDAQ:UPWK) * Intuit (NASDAQ:INTU) * Clorox (NYSE:CLX) * Tesla (NASDAQ:TSLA) * K12 Inc. (NYSE:LRN) * Universal Technical Institute (NYSE:UTI) * Chegg (NYSE:CHGG) * Sturm Ruger (NYSE:RGR) * Arlo Technologies (NYSE:ARLO)For this gallery, I'm going to mix in some "classics" as well as other names that I haven't much covered. This way, you'll have several choices for possible hot stocks to buy for our new normal and whatever lies beyond. E*Trade Financial (ETFC)Source: Alexander Oganezov / Shutterstock.com Starting my list with E*Trade may seem like an out-of-left-field idea. After all, we're talking about hot stocks to buy -- where you buy them doesn't really matter. In addition, we've been hearing talk for years about how millennials don't invest in the markets. Straight off the bat, this dynamic doesn't seem helpful to ETFC stock.Frankly, that's a valid point. However, that was an argument in the old normal. We're in the new normal now and the rules have changed. Thanks to the development of numerous online educational resources, I will argue that in some respects, the modern young investor is much more sophisticated than they were even 10 years prior.I believe this will benefit ETFC stock in that such investors don't want to miss out on a grand opportunity. They watched firsthand how the devastating Great Recession turned out to be a once-in-a-blue-moon moment to capitalize on great companies offered at a discount.That's why I believe E*Trade has recovered well from its March doldrums and why it belongs on your list of hot stocks to buy. Upwork (UPWK)Source: Sundry Photography / Shutterstock.com When it comes to pursuing a career in the new normal, the obvious name among hot stocks to buy invariably comes up: Zoom Video Communications (NASDAQ:ZM). While Zoom and the teleconferencing industry is no doubt benefiting from this crisis, I believe the nature of corporate America will shift. If so, you'll want to take a long look at Upwork.Considered a social media network for freelancers, Upwork connects businesses seeking assistance with specific projects with specialized independent contractors. Client companies receive bids from prospective freelancers (or "gig" workers) and they can make choices based on several criteria, including hourly rate, experience and certifications. It's the new way to job hunt, which makes UPWK stock especially intriguing.Also, I expect a sizable exodus from traditional employment structures to the gig economy. For one thing, many of those who are now working remotely are getting a taste of the gig life. According to the New York Times, many don't want to go back to the office. * Top 10 Sector ETFs on the Market Today Further, you must expect that hard-hit companies will collectively lay off millions. In that case, Upwork can help turn those frowns upside down. And that's a win-win for UPWK stock. Intuit (INTU)Source: dennizn / Shutterstock.com It's confession time: tax software specialist Intuit is undeniably boring. So why am I mentioning it on this list of hot stocks to buy? Well, if you follow the logic behind the case for Upwork above -- and more importantly, if you believe in it -- then INTU stock is a no-brainer.Like millions of you, I find tax season to be an arduous process. Just the thought of taxes makes me break out in a cold sweat. It's not the paying money to Uncle Sam that's the difficult part. Rather, the paperwork is just mountainous. And the more complex your tax situation, the more awful every April 15 becomes.As a run of the mill W2 employee and assuming you take the standard deduction, President Trump's tax law changes have been good for you, at least from an administrative perspective. But for freelancers who must deduct expenses from profits, it's another ballgame entirely.Potentially millions of people will find this out the hard way over the next few years. While a difficulty for those suffering from the transition, it's a net positive for INTU stock. Clorox (CLX)Source: TY Lim / Shutterstock.com Over the past few weeks, the Trump administration has gone full blast on promoting the necessity of reopening the economy. Undoubtedly, this is a crucial matter. However, more Americans are worried about the Covid-19 pandemic than they are about the economy. It's hard to argue with the logic -- nobody cares about money when they're sick and dying.This is a great time to bring up Clorox. As you know (probably from firsthand experience), the company's disinfectant products helped make CLX one of the hot stocks to buy during this crisis. However, shares got a little bit flat between the second half of May to early June. At the time, it seemed we got a handle on the coronavirus.Of course, we all know that this was a case of declaring "mission accomplished" before the job was truly done. Hmm … where have I heard that one before? But with Covid-19 cases spiking to record levels in several states, the bullishness for CLX stock has returned. * 7 Earnings Reports to Watch Next Week And I believe that the memory of this pandemic will stick with us for a long time. Therefore, don't be surprised if CLX stock has a longer upside pathway than you initially anticipated. Tesla (TSLA)Source: Pe3k / Shutterstock.com As a play on pure hot stocks to buy, Tesla is an obvious, perhaps tired idea. As the dominant force behind electric vehicles -- and all other car manufacturers, depending on Wall Street's mood -- TSLA stock has been a phenomenon. Yes, this is an overused word, but it applies perfectly for Tesla.However, prospective investors may not appreciate that TSLA stock is also a direct play on our new normal. On an individual basis, electric vehicles (all other things being equal) are easier to maintain. Operating purely on an electric battery, it conspicuously doesn't need an oil change -- the maintenance bane for many "traditional" drivers.Back in our old normal, I didn't think too much about this maintenance advantage. However, when the pandemic struck and I found myself simultaneously needing an oil change, yeah … you bet I got a rude awakening in favor of EVs. Presumably, others got "woke" to that reality, which may continue to drive TSLA stock on a longer-term basis.Another point is the oil price war. While cheap gasoline prices theoretically hurt EVs, it also demonstrates that our national fossil-fuel-based energy independence is actually still dependent on geopolitical factors. Moving to electric may help mitigate this vulnerability. K12 Inc. (LRN)Source: Shutterstock As a 2018 USA Today report demonstrated, school violence has been on the rise. But it's not just high-profile incidents that worry parents. Though controversial (for reasons I don't understand), I believe that schools removing faith-based principles and practices have contributed to moral decay and apathy in our young.It's enough to make you as a parent want to homeschool your children. Of course, that's a tricky process. Fortunately, K12 Inc. has an entire online infrastructure geared toward comprehensive home learning.I mention this because LRN stock was relevant before the pandemic. But in our new normal, contactless services come at a premium. You already see how companies like Amazon (NASDAQ:AMZN) and Domino's Pizza (NYSE:DPZ) have skyrocketed this year. I would hope that your children are more important than trinkets and pizza.Sure enough, LRN stock has launched into low-earth orbit since late June. Thus, I don't recommend buying shares right now. Like anything, I expect gravity to take over. * 7 Semiconductor Stocks Ready for Big Growth However, a possibly imminent correction could be a temporary one. With a viable vaccine still likely a year away at the earliest, K12 still has time as one of the hot stocks to buy. Universal Technical Institute (UTI)Source: Shutterstock When Ivanka Trump helped launch the "Find Something New" jobs initiative, both the mainstream media and political commentators panned it as being completely tone deaf. I can understand as I'm playing a small violin for the incredible privileged daughter of the President. But look beyond the criticism and you'll find some nuggets of wisdom.Now, the specific nugget I'm thinking about is Universal Technical Institute and UTI stock. If you look at the initiative's website, you'll note that some of the most in-demand jobs are hands on, such as electricians, elevator installers/repairers and wind turbine technicians. By no means is this an exhaustive list. But the theme here is that blue collar jobs matter.In fact, blue collar workers have never mattered more. According to the U.K.-based Independent, almost three-quarters of millennials admit they don't know how to change a flat tire. I'm pretty sure this is the same for the U.S. I have a hard time believing that the British - or most countries' citizens - are smarter or more useful than us.Post-pandemic, you'll likely see high demand from millennials who don't know how to do anything. That should be a big incentive for UTI stock. Chegg (CHGG)Source: Casimiro PT / Shutterstock.com If I may be painfully honest, our universities are oversaturated with students that don't belong there. The academic industrial complex has turned into a racket that neither serves the long-term interests of students nor the universities. Hence, I believe that the technical trade could experience a blue-collar renaissance, making publicly traded companies in that space hot stocks to buy.Nevertheless, this transition won't happen overnight. And that leaves Chegg in a viable position to enjoy significant upside. True, CHGG stock has already become one of the hottest commodities in the markets. Yet the startling number of coronavirus cases suggests that several academic institutions will conduct lectures exclusively online. If so, Chegg will become an even more valuable tool for students than it already is.Primarily, Chegg provides lower-cost access for textbooks, which are always student budget killers. If you look at the racket that the academic industry is pulling on our young -- nearly $200,000 average total cost for a private nonprofit four-year institution, as an example -- every dollar saved counts. * 10 Cybersecurity Stocks We Need Now More Than Ever Also, CHGG stock benefits from the underlying company's wealth of online tutoring services. If the coronavirus stays with us longer than expected, this will easily count as one of the hot stocks to buy. Sturm Ruger (RGR)Source: Susan Law Cain / Shutterstock.com If you look at the latest polls, the chances for Donald Trump winning a second term are about as good as me winning a first term. However, if he were to win, I believe his best chance is to play up fears of the majority white electorate.As you know, protesters have taken to the streets to call for social justice and equity. While noble, some folks in that camp have called for defunding the police or diverting police resources to other social programs. I'm almost 100% sure that this concept scares the majority population of this country.Thus, it's no surprise that Sturm Ruger has turned into one of the most popular hot stocks to buy. Prior to the pandemic, RGR stock had to contend with the firearms industry's ever-present controversy. But now, that controversy has faded, as evidenced by the record-breaking surge in gun sales.Initially, Asian Americans feared a racist backlash because of the coronavirus -- a situation that President Trump has only exacerbated with his deflection onto the Chinese culprit at every turn. Currently, I believe white buyers are hoarding guns and ammo in anticipation of a radical social change.This may be the nastiest and most cynical of hot stocks to buy. But as long as society is fractured like this, RGR stock will enjoy substantial upside. Arlo Technologies (ARLO)Source: Sharaf Maksumov / Shutterstock.com It's safe to say that wireless security camera specialist Arlo Technologies has been a disappointment. Starting life as a publicly traded entity in late summer of 2018, at its peak, ARLO stock was trading hands at over $20. But since September 2018, shares have been on a merciless decline.At the time of writing, ARLO stock is down 26% year-to-date. So, if you're thinking about buying shares, think very carefully.For the risk-tolerant speculator, Arlo has an outside shot of being considered one of the hot stocks to buy in the second half of this year. As I mentioned with Ruger above, regular people are scared about their safety. However, I think it's a stretch to assume that most Americans will become gun owners. According to the Washington Post, there are more guns than people in the U.S., indicating firearms enthusiasts have well more than one gun. * Top 10 Sector ETFs on the Market Today Rather than go through that hassle and all the potential headaches that come with gun ownership, most people will elect security cameras. They're convenient, non-offensive and act as a deterrent. In other words, they're perfect for the new normal.A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * America's 1 Stock Picker Reveals His Next 1,000% Winner * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * Radical New Battery Could Dismantle Oil Markets The post 10 Hot Stocks to Buy as the Coronavirus Gets Ugly Again appeared first on InvestorPlace.

  • Upwork Announces 40 Recipients of Its $1M "Work Together Talent Grants Program"
    Business Wire

    Upwork Announces 40 Recipients of Its $1M "Work Together Talent Grants Program"

    Upwork (Nasdaq: UPWK), the leading online talent solution, today announced 40 recipients of its Work Together Talent Grants program which received 6,300 applicants in total. Launched in April, the initiative was designed to identify and reward projects with a mission directly tied to mitigating COVID-19’s devastating impact on individuals, communities, and economies everywhere. Notably, 60% of the recipients are owned or led by members of underrepresented groups or are diversity-focused organizations and 17.5% of the grantees are U.S. Black owned, led, or focused organizations.

  • Did Hedge Funds Make The Right Call On Upwork Inc. (UPWK) ?
    Insider Monkey

    Did Hedge Funds Make The Right Call On Upwork Inc. (UPWK) ?

    At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]

  • 12 Splendid Small-Cap Growth Stocks to Buy
    Kiplinger

    12 Splendid Small-Cap Growth Stocks to Buy

    Small-cap growth stocks could be ready to turn the corner after a few years of being outshone by their larger brethren. These 12 picks stand to benefit.

  • GlobeNewswire

    Upwork To Report Second Quarter 2020 Financial Results on August 4, 2020

    SANTA CLARA, Calif., July 15, 2020 -- Upwork Inc. (Nasdaq: UPWK), the largest online talent solution, today announced that it will release financial results for the second.

  • Upwork to Host 4th Annual Work Without Limits Summit to Discuss How to Drive Workforce Transformation Amid the Global Shift to Remote Work
    Business Wire

    Upwork to Host 4th Annual Work Without Limits Summit to Discuss How to Drive Workforce Transformation Amid the Global Shift to Remote Work

    Upwork (NASDAQ: UPWK), the leading online talent platform, today announced its 4th annual Work Without Limits Summit will be held on Tuesday, August 11, 2020. At a time when organizations must rapidly transform their strategy in response to an unprecedented social, health, and economic crisis, this one-day virtual summit with interactive sessions will bring together top experts and executives to share candid stories, novel insights, and strategic plans for businesses seeking long term, innovative solutions for an evolving business environment.

  • Upwork’s Potential Is Underappreciated, Says Analyst
    SmarterAnalyst

    Upwork’s Potential Is Underappreciated, Says Analyst

    Since bottoming out in early April, shares of online talent search company Upwork (UPWK) have been on a relentless forward charge. Over the past 3 months, the stock has added a hefty 90% of muscle.Come to think of it, Upwork’s platform is one particularly suited to these uncertain times. With jobs getting slashed in every sector, Upwork’s gig economy model should be a defensive play in a cloudy macro climate.However, for BTIG analyst Marvin Fong, Upwork’s potential is "underappreciated.” Fong argues a “large TAM (total addressable market) and secular tailwinds will enable Upwork to grow revenue in excess of 15% over the next 5 years.”A recent 2020 Future Workforce Report (sponsored by Upwork) provides some clarity on the current state of the freelance industry. Among roughly 500 HR managers, 73% have indicated, that due to COVID-19 they will keep on, or intend to, hire freelancers. While the figure would imply that more than 25% of managers are cutting back on the hiring of independent talent, it stands up well against other trends. During the pandemic, 45% of those polled said they have frozen the hiring of new full-time personnel, while 39% have conducted layoffs. Furthermore, as a direct result of the pandemic, 47% said they plan on ramping up the use of freelancers.According to Fong, Upwork’s position as the world's largest freelancing matching platform, makes it ideally suited to benefit from the current paradigm.Fong said, “All in, despite recent price appreciation, we believe UPWK shares remain attractively valued trading at 6.1x our FY21 gross profit estimate. With the sector overall seeing strong performance, our updated regression analysis suggests the average e-commerce stock growing 15% (our 5-year projection for UPWK ) should trade at 6.8x gross profit. We would argue that UPWK is more attractively positioned than most companies given its leading market share and minuscule penetration rate relative to a TAM we estimate at $322B.”Accordingly, the BTIG analyst rates Upwork shares a Buy, along with a $16 price target. The implication for investors? Potential upside of 6%. (To watch Fong’s track record, click here)Looking at the consensus breakdown, Upwork’s 3 Buys and 1 Hold coalesce to a Strong Buy consensus rating. However, with an average price target of $13.25, the analysts anticipate shares dropping by 8% over the coming months. (See Upwork stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. More recent articles from Smarter Analyst: * Tesla China Sales Of Model 3 Vehicles Up 35% In June * Walgreens Plans To Expand 700 Stores Into Primary Care Clinics * Needham: These 3 Penny Stocks Are Poised to Double (Or More) * Moderna Completes Enrollment For Phase 2 Covid-19 Vaccine Study

  • Upwork Should Be Able to Create Its Own Niche
    TheStreet.com

    Upwork Should Be Able to Create Its Own Niche

    All the current indicators from trend to momentum to price action sit in a bullish position as the stock breaks above resistance.

  • Jobless Rate Falls For Second Straight Month, Upwork Economist Says Slow Recovery Ahead
    Benzinga

    Jobless Rate Falls For Second Straight Month, Upwork Economist Says Slow Recovery Ahead

    The national unemployment rate was 11.1% in June, the Bureau of Labor and Statistics said Thursday, and the number of unemployed persons fell by 3.2 million to 17.8 millionWhat Happened: The national unemployment rate decreased 2.2% from the reported 13.3% rate in May. The number of permanent job losses is continuing to rise, increasing by 588,000 to 2.9 million in June.Why It's Important: Adam Ozimek, the chief economist at Upwork Inc(NASDAQ: UPWK), is looking at net -- not gross -- labor market flows. Underneath a rapid rebound in payrolls, businesses are still failing, shrinking and turning temporary job loss permanent, Ozimek told Benzinga in an email. These are the ingredients of a slow recovery, he said. The rising number of those permanently losing their jobs can not be overlooked, as this dynamic can create economic hardship in the long run, the economist said.Ozimek also cautioned that it's unlikely that permanent job loss has peaked.Recent analysis has found that unemployment is not affecting all demographics equally.Unemployment rates for Asians, African Americans and Hispanics are notably higher than for their white counterparts, according to a Pew Research report.Employment in leisure and hospitality increased by 2.1 million, accounting for about two-fifths of the gain in total nonfarm employment in June. Late Tuesday, the U.S. Senate extended the Payment Protection Program though Aug. 8, only hours before the program was set to expire.What's Next::Expanded unemployment insurance. All eyes will be on whether the government extends the federal unemployment insurance program that was expanded for COVID-19 events. It is important to note that the unemployment rate may be a little higher than what is reported. The BLS has reported misclassification issues with those who respond to the survey. If these issues are valid, the unemployment rate could be even higher than government figures show. See more from Benzinga * Initial Jobless Claims Top 1M For 14th Week, Economist Sees 'Most Significant Fiscal Cliff' In US History Ahead * How The US Unemployment Surge Looks State-By-State * New Jobless Claims Continue To Fall, But Exceed Estimates: 'They Turned Down The Heat In Hell'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Upwork's Chief Economist On What's Next For American Workers
    Benzinga

    Upwork's Chief Economist On What's Next For American Workers

    The June jobs number will be released at 8:30 a.m. Thursday, July 2, and economists are expecting the record high unemployment numbers of the last four months to continue.Ahead of the report, Benzinga caught up with Adam Ozimek, chief economist at Upwork Inc (NASDAQ: UPWK) to preview what to look for in Thursday's release and how companies are looking to pivot to a more remote workforce into the future.Look At The Details Looking forward to Thursday's national unemployment numbers, Ozimek said that as large numbers of furloughed workers are recalled, job growth can be a misleading statistic. "What you really want to do is look underneath the headline numbers and see where we see signs of permanent job loss and where do we see signs that indicate businesses that are likely closing," the economist told Benzinga. A particular focus should be placed on sectors that may suffer from permanent damage, such as leisure and hospitality, Ozimek said.Those sectors employ large numbers of low-income workers who may suffer disproportionately, he said."Low-income workers have the hardest time finding new work and take the longest time to get rehired." Although some temporary furloughed workers are being recalled and the Payment Protection Program is incentivizing rehires, Ozimek said to look for increases in the number of small businesses closing.When a small business closes, this creates permanent layoffs that are more damaging than a worker being temporarily furloughed, he said. "When someone gets laid off permanently, now you are dealing with the kind of economic damage that's associated with a recession and not associated with a temporary shutdown." Advantages For Remote Workers In The US If there's a silver lining, it's that Ozimek believes the pandemic will help U.S. workers stand out from their global counterparts.In the short-term, U.S. skilled workers will be hired from anywhere in the U.S., and that will be a tremendous change in the labor market, the economist said. Workers now have the opportunity to expand their labor market reach. An earlier analysis by Upwork found that "when faced with the choice of talented remote workers from countries all over the world on a secure and trustworthy platform, the No. 1 country U.S. clients hire from on Upwork is the U.S."Ozimek also stressed that skilled service is the United States' competitive advantage.U.S. workers will now have the ability to "export their services" both domestically as well as internationally, he said. Future success will depend on the ability of individuals and companies to pivot Ozimek said. Ozimek On The Future Of Remote Work A recent study by Upwork found that 62% of companies report that their organization will be more remote in the future as a result of COVID-19.A pivot to remote work will occur not only in the U.S., but all over the world, Ozimek said -- but it won't happen equally.Remote work is not feasible for all workers, and is often dependent on education levels, he said.62% of workers with a bachelor's degree or more education have jobs that can be performed remotely, according to a Pew Research study. "A lot of companies right now are facing a challenge of adapting very quickly to going remote and changing the way they work very quickly," Ozimek said. See more from Benzinga * May Residential Home Sales Beat Estimates * Initial Jobless Claims Top 1M For 14th Week, Economist Sees 'Most Significant Fiscal Cliff' In US History Ahead * How The US Unemployment Surge Looks State-By-State(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Citrix (CTXS) and Upwork Partner for New Workplace Solution
    Zacks

    Citrix (CTXS) and Upwork Partner for New Workplace Solution

    Citrix (CTXS) is well poised to capitalize on ongoing work-from-home trends on the back of robust offerings and solid adoption of its solutions.

  • Upwork Teams with Citrix to Power Flexible Work
    Business Wire

    Upwork Teams with Citrix to Power Flexible Work

    Upwork (NASDAQ: UPWK), the leading online talent solution, is teaming with Citrix Systems, Inc. (Nasdaq:CTXS), the global digital workspace leader, to power flexible work. Upwork today announced the launch of the Upwork Talent Solution with Citrix® Workspace™, a unique offering designed to deliver a best-in-class secure remote infrastructure for companies to boost efficiency and productivity as the world increasingly adopts the benefits of remote, on-demand talent.

  • Verizon Pulls Ads From Facebook, Instagram Over Hate Speech
    Bloomberg

    Verizon Pulls Ads From Facebook, Instagram Over Hate Speech

    (Bloomberg) -- Verizon Communications Inc. said it is pausing the placement of ads on Facebook Inc. and Instagram until the social networks can get better control over posts that spread disinformation.“We have strict content policies in place and have zero tolerance when they are breached, we take action,” Verizon Chief Media Officer John Nitti said in a statement. “We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with what we’ve done with YouTube and other partners.”Verizon is one of the largest advertisers to pull its ads from Facebook as part of an effort by civil rights organizations to pressure the social-media company to take action on hate speech and misleading content. Groups including the Anti-Defamation League and Color of Change started the campaign, called Stop Hate For Profit, to encourage advertisers to boycott Facebook ads in July. Verizon’s move follows participation by Recreational Equipment Inc., Patagonia Inc., Upwork Inc., Ben & Jerry’s and other brands.“We applaud Verizon for joining this growing fight against hate and bigotry by pausing their advertising on Facebook’s platforms, until they put people and safety over profit,” Jonathan Greenblatt, chief executive officer of ADL, said in a statement. “This is how real change is made.”Facebook has been telling advertisers that it bases its policies on principles, not business interests, according to its communications with marketers. The Menlo Park, California-based company has been reaching out to advertisers to discuss its recent initiatives on registering voters and distributing verified election information.But it’s not just advertisers that are upset. U.S. lawmakers have also put pressure on Facebook, Twitter Inc. and Google to combat disinformation, including during a House Intelligence Committee hearing last week.“We respect any brand’s decision, and remain focused on the important work of removing hate speech and providing critical voting information,” Carolyn Everson, vice president of Facebook’s global business group, said in a statement. “Our conversations with marketers and civil rights organizations are about how, together, we can be a force for good.”Verizon’s move was reported earlier by Ad Age.(Updates with ADL and Facebook comments starting in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 4 Secrets To Successful Freelancing In 2020: 'That's What The Highest-Paid Freelancers Do'
    Benzinga

    4 Secrets To Successful Freelancing In 2020: 'That's What The Highest-Paid Freelancers Do'

    Freelancing isn't quite what it used to be. The old framework typically included one-off projects in photography, writing, transcription or a similar field amounting to part-time employment."Today, freelancing is way bigger," Nick Tubis, founder of Freelanceclients.com, told Benzinga. "Freelancing is kind of like the new consultant. You can start a freelance business, and it really could be anything."The gigs are often full-time and include sales, customer service, human resources, public relations, marketing and accounting -- "things that add value to a business."The new freelancing model leverages technology to find clients quickly worldwide, Tubis said, adding that most freelancers contract with businesses rather than individuals. "It's really helping businesses solve a problem."Where Freelancing Is Going: Recent global events have been a boon for the freelance industry, he said."Because of what's going on with COVID-19, businesses are hiring more freelancers than ever before," Tubis said.The industry has opened up employment opportunities for older generations. Tubis' website, which offers free training programs to budding freelancers, serves mostly baby boomers, he said. "The reason why is not just because of COVID-19. It's that people don't retire at age 50 anymore like they used to. People want to continue to work even if it's a part-time thing," he said, noting that many companies choose younger candidates over baby boomers due to wage cost or tech proficiency.Tubis recently interviewed some of the highest-paid freelancers listed on Upwork Inc (NASDAQ: UPWK) to figure out their secrets to success.Secret No. 1: Identify what's in demand.While the freelancer terminal on Upwork shows only the "help wanted" posts of prospective clients, the client terminal shows the going rate for projects within different skillsets.Tubis recommends that freelancers set up a client account to determine how much money peers make for different projects and then tailor their offerings to provide the highest-paid services.Secret No. 2: Focus early on getting reviews."Focus on small jobs in the beginning that you can do really quickly: short-term, fast jobs that you can do quickly to get five-star reviews really quickly, and then clients will start reaching out to you and you don't have to reach out to them," Tubis said.Secret No. 3: Raise the rates."To make as much as possible and have more freedom, you have to max out your rates as much as you can," he said. He recommends testing demand at different prices by increasing the rate 20% each month until demand peaks.Secret No. 4: Transition to a virtual agency model.Tubis recommends that, once demand far exceeds supply, freelancers train and hire other freelancers to share the work and support more clients."That is what the highest paid freelancers do," he said. "That's how they gain that leverage and make six or seven figures."Such a model also provides financial stability, Tubis said. "The goal is to have multiple clients so you have more security if you lose a client and also for tax purposes," he said. "There's a way to get around that if you have more of the agency type model and you have 10, 20 or 30 clients that make up all of your revenue."See more from Benzinga * This Day In Market History: Brexit Vote Rocks Europe * Tesla's Electric Vehicle Competition 'Not A Measurable Threat' Yet, Gene Munster Says * Rocket Mortgage Classic Announces Fund To Tackle Detroit's Tech Access, Digital Literacy Gaps(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Bloomberg

    Facebook Ad Boycott Gains Steam, But Small Business Can't Quit So Easily

    (Bloomberg) -- A number of major apparel brands have promised to pull advertising money from Facebook Inc. as part of a coordinated campaign to pressure the social-media giant to crack down on hate speech and misinformation amid nationwide civil-rights protests and the lead-up to the 2020 U.S. presidential election.Civil rights groups, including the NAACP, the Anti-Defamation League and Color of Change, launched the campaign last week, asking marketers to boycott Facebook ads for the month of July, an effort they’re calling Stop Hate for Profit. The group says that Facebook, which brings in almost all of its revenue from advertising, makes money off user posts that include hate speech, racism and misinformation.A few large marketers were quick to jump on board. Outdoor apparel brand The North Face, owned by CF Corp., on June 19 tweeted “we’re out,” and confirmed to Bloomberg that it has pulled ad spending for both the main Facebook social network and its photo-sharing app Instagram until August. Recreational Equipment Inc., known as REI, which also sells sporting gear, and Upwork Inc., an online marketplace for freelancers, joined the boycott that afternoon. On June 21, Patagonia Inc. also pledged an advertising pause. On Tuesday, outdoor outfitter Arc’teryx said it would halt Facebook spending at least until the end of July, followed closely by popular ice cream maker Ben & Jerry's Homemade Inc., part of Unilever NV.The six companies have more than 19 million combined Facebook followers, and more than 13 million on Instagram. Still, many small businesses, which make up the bulk of Facebook’s advertisers, likely can’t afford to pause spending on the social network, their main online outpost for reaching local customers—a sign of the company’s strength in the digital ad market.“We deeply respect any brand’s decision, and remain focused on the important work of removing hate speech and providing critical voting information,” said Carolyn Everson, vice president of Facebook’s Global Business Group.For years, Facebook has been the target of politicians and nonprofit groups seeking to challenge the company’s power over user data and speech content. Despite previous ad boycott efforts, and a deletefacebook trend online in early 2018, Facebook’s revenue and user growth numbers have never been seriously impacted by user or advertiser protests. Since 2016, when Facebook’s policies became the center of debate following foreign interference efforts during the U.S. election, the social network’s revenue has jumped by 150% to more than $70 billion in 2019.It’s possible the latest boycott will be the first to gain any real traction. Civil rights protests erupted in hundreds of cities across the country last month following the death of an unarmed Black man, George Floyd, at the hands of Minneapolis police officers. Many companies, including Facebook, have donated money and issued statements of support for racial justice groups. Juneteenth, the holiday celebrating the formal end of slavery in the U.S., was adopted widely as a corporate holiday by many companies for the first time this year.“It’s obviously a cultural moment of pain,” said Steve Lesnard, VP of marketing at The North Face, who said the company made the decision in “hopes that Facebook will provide stricter rules.” But support of the boycott also signals support for groups that started it, like the NAACP. “We believe that normal is not good enough and we all need to drive positive change immediately,” Lesnard added.Civil Rights groups have taken issue with Facebook for years. The Menlo Park, California-based social network enabled voter suppression efforts against African Americans in 2016, they say, and then named The Daily Caller, a right-wing outlet with ties to white nationalism, as one of its formal fact-checking partners. Most recently, Facebook left up posts from President Donald Trump threatening protesters that “when the looting starts, the shooting starts,” a phrase with ties to a pro-segregation presidential candidate.Employees at Color of Change, a civil rights nonprofit helping lead the boycott, have phone calls set up with advertisers throughout this week in hopes of encouraging them to halt spending. “It’s not the time for statements of support that are just ‘Black Lives Matter’ and don’t come with real change,” said Jade Magnus Ogunnaike, the group’s senior campaigns director. “Now it’s time to change rules and behaviors.”It’s unclear how much money any of the brands that committed to the boycott actually spend on Facebook advertising —  for many national brands, Facebook ads are just a fraction of their overall marketing budgets — or if others will join them in holding back. While more large companies may pause spending, many small businesses, which make up the majority of Facebook advertisers, may not have that luxury. Shutting down Facebook advertising for a month, even for a cause they believe in, would pose a serious threat to online commerce brands in particular, many of which rely on Facebook ads to drive the bulk of their sales, according to multiple ad buyers. Almost 76% of Facebook’s advertising revenue comes from small- and medium-sized businesses — the kind that are unlikely to be in a position to spend a month off the platform — according to research from Deutsche Bank. “They’re in the trenches, and they’re trying to hit their numbers,” said Terry Whalen, president of the digital marketing agency Sum Digital, which works with smaller e-commerce and direct-to-consumer brands. “If you talk about boycotting Facebook, to me that sounds like a fantastic idea to send a message. But for a whole month? That’s just too ambitious.”Many smaller media buyers like Whalen – the kind who spend tens of millions of dollars per year on Facebook ads instead of hundreds of millions — first heard about the boycott from Facebook itself. The company sent its media partners an email last week acknowledging the boycott, and highlighting much of the work Facebook is doing around identifying hate speech using algorithms and defending election integrity, including a new goal to register 4 million voters ahead of the 2020 U.S. general election. “We remain open to meeting with any of these organizations and welcome feedback on the issues they have raised,” the email read.Barry Hott, VP of growth at a software company for driving website sales called Thesis, manages over $4 million in Facebook ad spending per month. He agrees that for many of his clients, Facebook is too valuable to give up. “A huge stream of their revenue is unfortunately tied directly to [Facebook] ads,” he said. “None of these clients can afford to do that.”The dependence on Facebook has been part of a broader industry discussion in recent years about the immense power of major technology companies. Facebook alone accounts for 23.4% of the entire U.S. digital advertising market, according to EMarketer, and more than 50% of the market is controlled by Facebook and Alphabet Inc.’s Google. Not coincidentally, numerous U.S. regulators are investigating the tech industry’s largest companies for antitrust reasons.Facebook investors, meanwhile, don’t seem concerned that some big brands are throwing their names and their dollars behind the boycott. Deutsche Bank’s Lloyd Walmsley, an analyst covering Facebook, said that while he’s heard from many advertisers worried about marketing on social media given the current environment surrounding the protests, he doesn’t anticipate Facebook suffering any kind of long-term business harm. “Looking beyond the very short term, I think this will end up being a speed bump,” he says. Facebook stock closed Tuesday at $242.24 a share, an all-time high.“I don’t suspect that a month-long call to boycott is going to be successful,” said Whalen. “Facebook is too important.”(Updates to include boycott announcement from Ben and Jerry’s in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Upwork (UPWK) Catches Eye: Stock Jumps 10.7%
    Zacks

    Upwork (UPWK) Catches Eye: Stock Jumps 10.7%

    Upwork (UPWK) saw a big move last session, as its shares jumped nearly 11% on the day, amid huge volumes.

  • The North Face Halts Facebook Ads, Urges Anti-Racist Policy
    Bloomberg

    The North Face Halts Facebook Ads, Urges Anti-Racist Policy

    (Bloomberg) -- The North Face, the sports and outerwear brand owned by VF Corp., said it’s ending paid advertising on Facebook over concern the social-media company is allowing racist content and disinformation to propagate.“We know that for too long harmful, racist rhetoric and misinformation has made the world unequal and unsafe, and we stand with the NAACP and the other organizations who are working to StopHateforProfit,” the company said in an emailed statement following a Twitter posting.REI Co-Op, which also sells sporting gear, and Upwork Inc., an online recruitment services provider, said they will suspend advertising in July.Facebook and Chief Executive Officer Mark Zuckerberg have come under fire for failing to stop the spread of political disinformation and allowing violent or hateful rhetoric to thrive on the site. While Facebook has pulled some campaign ads for President Donald Trump, the site hasn’t taken action on other posts that were removed from social media platforms such as Twitter.Civil-rights groups including the NAACP and the Anti-Defamation League have called for advertisers to pull their money from Facebook in July.(Adds REI and Upwork are also suspending Facebook advertising in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Cramer Advises His Viewers On Upwork, GE And More
    Benzinga

    Cramer Advises His Viewers On Upwork, GE And More

    On CNBC's "Mad Money Lightning Round," Jim Cramer said there is no need to trade out of Upwork Inc (NASDAQ: UPWK). He likes the stock.General Electric Company (NYSE: GE) is entering a restructuring mode and it probably won't have anything good to say until 2021, explained Cramer. He added that a patient person could get a payoff.Instead of Goodyear Tire & Rubber Co (NASDAQ: GT), Cramer would rather buy AutoZone, Inc. (NYSE: AZO).Cramer prefers Zillow Group Inc (NASDAQ: ZG) over CoStar Group Inc (NASDAQ: CSGP).U.S. Auto Parts Network, Inc. (NASDAQ: PRTS) is up too much, said Cramer. He wants to do more work on the stock before he makes a recommendation.Goldman Sachs Group Inc (NYSE: GS) has got some upside, thinks Cramer. His charitable trust owns it and he would hold on to it.See more from Benzinga * Cramer Shares His Thoughts On Teva, Oxford Industries And More(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Upwork and Business Talent Group Join Forces to Offer Independent Talent More Project-Based Opportunities
    Business Wire

    Upwork and Business Talent Group Join Forces to Offer Independent Talent More Project-Based Opportunities

    Upwork (Nasdaq: UPWK), the leading online talent platform, today announced an exclusive collaboration in the on-demand talent industry with Business Talent Group (BTG), the leading marketplace for independent management consultants, interim executives, subject matter experts, and project managers. With this collaboration, Upwork and BTG will offer clients access to on-demand talent across both companies’ networks—helping businesses ensure continuity and prepare for the future by connecting them with skilled and proven remote and onsite professionals. In addition, independent professionals on both Upwork and BTG will benefit from increased access to a wider set of clients to protect their income and livelihood during uncertain times.

  • Is Upwork Inc. (UPWK) A Good Stock To Buy?
    Insider Monkey

    Is Upwork Inc. (UPWK) A Good Stock To Buy?

    In this article we will take a look at whether hedge funds think Upwork Inc. (NASDAQ:UPWK) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from […]

  • Don't Waste Your Money on Penny Stocks; These 3 Stocks Are Better Buys
    Motley Fool

    Don't Waste Your Money on Penny Stocks; These 3 Stocks Are Better Buys

    Penny stocks -- stocks that you can grab for less than $1 per share, usually in very small companies -- are like lottery tickets for investors. Instead of spending your nest egg on penny stocks -- or, worse, actual scratch-off tickets -- there are plenty of companies that are fairly well-established and offer better prospects for investors. While they still have some risks, three companies you might want to consider are Clean Energy Fuels (NASDAQ: CLNE), Stag Industrial (NYSE: STAG), and Upwork (NASDAQ: UPWK).

  • 3 Coronavirus-Proof Tech Stocks to Buy Right Now
    Motley Fool

    3 Coronavirus-Proof Tech Stocks to Buy Right Now

    The coronavirus pandemic is far from over. But here are three companies that can thrive in these difficult times.