Shares of Upwork Inc. UPWK,
rose more than 18% in Tuesday’s extended session after the freelancing work platform reported adjusted fourth-quarter earnings and revenue well above Wall Street’s expectations, saying it grew the most since its 2018 IPO. Upwork said that it earned $ 900,000 or 1 cent a share, as opposed to a loss of $ 5.5 million, or 5 cents a share, in the fourth quarter of 2019. Adjusted for one-time items, Upwork earned $ 7.8 million, or 6 cents a share, compared to $ 3.4 million, or 3 cents a share, a year ago. Sales were up 32% to $ 106.2 million, the company said. Analysts polled by FactSet expected adjusted earnings of 1 cent per share on revenue of $ 97.3 million. Last year “was a turning point for Upwork. In the fourth quarter, we reached our highest year-over-year growth since the IPO,” Chief Executive Hayden Brown said in a statement. Shares of Upwork closed the regular trading day at 0.3%.