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Upwork, the Bay Area tech firm connecting freelancers with jobs, is laying off 21% of its workforce, affecting at least 160 employees based on its reported 800 staff at the end of 2023. The announcement came via a news release and SEC filing on Wednesday, alongside a WARN notice filed in California as required for mass layoffs.
The WARN notice detailed 67 layoffs at Upwork’s Palo Alto office, including eight vice presidents and several directors and managers, with separations planned for December 23, according to SF Gate. Although Upwork lists Palo Alto as its headquarters in some documents, it also claims to be based in San Francisco, having moved its operations from Santa Clara in 2021.
CEO Hayden Brown explained that the layoffs aim to “flatten and streamline” the organization, realigning teams to focus on key priorities and creating a culture of risk-taking and process simplification. In her message to staff, Brown acknowledged the difficulty of reducing the workforce, especially for those affected, expressing gratitude for their contributions.
Upwork also reported preliminary financial results for the July to September quarter, generating $194 million in revenue and a profit of $28 million, exceeding expectations.
The company anticipates saving $60 million annually from the recent cuts. This is not the first reduction for Upwork; earlier in 2023, the company laid off 137 employees in a 15% workforce reduction.
