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Upwork Inc. (UPWK) has reported a significant increase in the number of active clients on its new Business Plus plan, with more than double the clients reported in the last quarter. Approximately 40% of users on this plan are new to Upwork, indicating strong demand despite minimal marketing efforts.
Business Plus includes enhanced features such as access to top-vetted talent, assistance with shortlisting, and Net-30 payment terms, leading to a faster hiring process for new customers. Upwork’s strategy aims to attract larger clients as it adjusts its enterprise business, which is currently in transition.
Year-to-date, Upwork’s shares have declined by 20%, compared to a 10% decline in the industry. The company’s forward price-to-sales ratio of 2.25 is below the industry average and its five-year average.
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