10:01 AM EDT, 10/23/2024 (MT Newswires) -- Upwork ( UPWK ) shares jumped more than 22% in recent Wednesday trading after it said it is reducing its total workforce by 21% and relying more on using automation and third-party services.

The freelancing platform said it expects to see approximately $60 million in annualized cost savings from the layoffs.

Upwork ( UPWK ) also reported preliminary Q3 results Wednesday and said it expects revenue of $194 million, ahead of its guidance for $179 million to $184 million. Analysts polled by Capital IQ are expecting $182.1 million.

The company also reported preliminary net income of $28 million. Net income guidance was not provided.

Price: 12.28, Change: +2.23, Percent Change: +22.19