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Upwork (UPWK) Has Staying Power

September 10, 2021

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.

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LikeFolio analyzes social media data to accurately predict shifts in consumer behavior. We sell data and insights to professional investors, corporate research teams, and software providers.

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