Shares Get Upwork Premarket trades for (NASDAQ:) have risen more than 6 percent after the company announced better-than-expected Q1 earnings.

UPWK suffered a loss of $0.03 per share for Q1 compared with the $0.14 loss expected per share. The analyst consensus was $136.3million. However, the company generated $141.3million in revenue during the quarter.

Upwork is expecting to lose $0.06-$0.010 per share for Q2, while analysts anticipate a loss of $0.08. The consensus estimate of $143.45million is higher than the revenue forecast. Revenues are expected to be between $147 and $151 millions.

According to Upwork, FY 2022 revenues will be between $590 and $610 million, as compared with the $599 million.

Marvin Fong, BTIG analyst, reiterated a Buy rating with a target price of $34.00 per share.

“We believe results are supportive of our view that, within e-commerce, UPWK is one of the best-positioned companiesto navigate broader economic turmoil given its attractive value proposition to clients and secular growth drivers (e.g., Project Catalog, Boosted Proposals, Enterprise, take rate drivers, etc.)… Overall, UPWK delivered a strong quarter relative to expectations, and we view shares as attractively valued,” Fong wrote.

Eric Sheridan, a Goldman Sachs analyst reiterated his Buy rating with a target price of $34.00 per share. This is down from $40.00.

“Structurally, we still frame Upwork across a few key themes: 1) executing against a large and growing TAM as the future of work evolves and companies look to adopt hybrid workforces in the future; 2) continuing to scale both the talent/freelancer and client side of the platform (including growing GSV per client); 3) continued product innovation to drive adoption, retention & share of wallet; and 4) investing in the brand to drive improving unaided brand awareness,” Sheridan wrote.

By Senad Karaahmetovic