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Stocks•8 May 2026•

1 min read

Citigroup Downgrades Upwork Following Mixed Q1 Results and Soft Revenue Outlook

Key Facts

1Citigroup downgraded UPWK to Market Perform from Neutral following the first-quarter financial report.

2Revenue reached $195.48 million, slightly missing analyst estimates of $195.90 million.

3The company announced a restructuring plan and raised profitability guidance despite a softer revenue outlook.

Citigroup has downgraded Upwork (UPWK) to Market Perform following the release of its first-quarter financial results. The company reported revenue of $195.48 million, missing the consensus analyst estimate of $195.90 million. While Upwork exceeded adjusted earnings per share expectations and generated positive free cash flow, a cautious forward-looking revenue outlook weighed on sentiment. In response to shifting market conditions, the company announced a restructuring plan to streamline operations. Management also raised its profitability guidance for the year despite the softer revenue trajectory. This downgrade by a major financial institution reflects concerns over near-term growth catalysts for the freelance marketplace platform.