$Upwork(UPWK)$ Q2 2025 earnings delivered a double beat on revenue and EPS, with guidance raised, achieving ATH profitability and strong cash generation. Execution was precise, with effective cost management driving adjusted EBITDA to $57.1M (29.3% margin) and TTM FCF yield to 12%.

【Corporate action】 AI-related work GSV grew 30% YoY, 3 times the platform average for AI-engaged clients, with prompt engineering up 51%. The Business Plus strategy gained traction, with GSV soaring 190% QoQ.

【M&A Synergy】With UmaAI doing its job, the acquisition of Bubty and planned August acquisition of Ascen advance Upwork’s vision beyond freelancing, targeting the $650B contingent workforce market. These acquisitions integrate diverse workforce solutions—freelancers, W-2, compliance, and payments—diversifying revenue and addressing unmet enterprise needs.

Also, congrats to $Nebius Group(NBIS)$ for astonishing achievement, masterpiece execution.

"Our principle": Trees don’t grow to the sky; we may trim once things get overstretched, as we always do, as part of our strategy. But the most important thing lies in how determined you are with resolute self-correction along the journey.