Upwork (UPWK) Has Staying Power
Upwork isn’t a traditional “remote work” story.
What do we mean?
The Street is treating UPWK similar to lockdown beneficiaries ZM, PTON, and even CHWY — Companies who benefitted from a pull-forward effect, but who are unlikely to sustain prior levels of growth. UPWK Shares are trading nearly 25% off highs recorded earlier this year.
But LikeFolio data suggests Upwork is a different beast.
Consider the Mentions chart below, showcasing all mentions of Upwork, including those from freelancers and employers of said freelancers.
These mentions just pushed through all-time highs: +23% YoY.
That’s pretty impressive growth on top of the previous covid-induced year.
Upwork’s mention volume growth suggests consumers are sticking around…on the freelance and employment side of the business.
Check out consumer mentions of hiring a freelancer.
Hiring mentions are growing the in the current quarter (shaded bar on the far right).
Translation: this behavior is sticky. Freelancers have become accustomed to the freedom of remote work, and employees have grown accustomed to the convenience and efficiencies freelancers provide.
We like this edge.