Upwork Goes Public On The NASDAQ

In 2015, a merger between two companies would form the largest freelancing platform in the world. What was known as oDesk and Elance had become one to form what is known today as Upwork.

The CEO for Upwork was asked the Upwork platform worked to help others while maintaining their own income. The answer was simple, the freelancers who are seeking work will pay a fee to work freelancing. If someone is looking to make money, they will pay a fee in order to find work and stay busy.

The application process to work for Upwork cut back the number of freelancers who are actually given a work assignment through the freelance based application. The amount of money that someone makes from the Upwork platform is around 15 percent of the total amount of money made from each freelance gig.

Upwork has maintained that they are the largest global marketplace which helps businesses find the right freelancer to hire. In June of 2018, Upwork had reported that their revenue for the year before was close to 230 million dollars. The revenue paid into Upwork was analyzed by the number of gross services value which counts to the total overall amount of service work paid for. The total for work paid for equaled out to be over 1.5 billion dollars. The number of sales is still climbing upward at close to 20 percent.

The Upwork platform is now going public with NASDAQ and is known under the UPWK as their symbol on the stock exchange. When it came to the 6 month report that generated in June of 2018, the revenue brought into Upwork was through an unnamed client that accounted for about 10 percent of the money made by Upwork. Up until now, there was 2 clients who each brought in 10 percent of the money made each year for the freelance platform.