Upwork announced the opening of its first international operational hub in Lisbon, Portugal, a move that marks a significant milestone in the company’s global expansion strategy. The new office will be located in the Alcântara district, a vibrant area known for its blend of business, creativity, and technology, and is slated to be fully operational by the fourth quarter of 2026. Hiring for the Lisbon team has already begun, with the company targeting a mix of software engineers, data scientists, and support staff to bolster its AI‑native platform.
CEO Hayden Brown said the Lisbon office will help scale Upwork’s AI innovation and expand its global technical team, positioning the company to better serve its AI‑powered marketplace and support its growth trajectory. Brown emphasized that Lisbon offers a rich talent pool and favorable government incentives, making it a natural choice for the company’s first home outside the United States. "Lisbon is a natural choice for our first home outside the U.S. As the world’s human and AI‑powered work marketplace, we believe that great talent can come from anywhere," Brown remarked.
The announcement comes on the heels of record Q3 2025 results, in which Upwork reported revenue of $201.7 million—up 4.1% year‑over‑year—and adjusted EBITDA of $59.6 million, a margin of 29.6%. The company also highlighted a 53% year‑over‑year increase in gross services volume (GSV) from AI‑related work, underscoring the growing demand for its AI‑enabled services. In light of these strong results, Upwork raised its full‑year 2025 guidance for revenue to $782 million–$787 million and for adjusted EBITDA to $222 million–$225 million, reflecting confidence in continued demand and operational leverage.
The market reacted positively to the earnings announcement, with Upwork’s stock surging over 13% on November 4 after the Q3 results. Analysts noted that the combination of record revenue, record adjusted EBITDA, a return to GSV growth, and a raised full‑year outlook—particularly the 53% jump in AI‑related GSV—were key drivers of the favorable reaction. Following the earnings release, several analysts raised their price targets and reiterated buy ratings, citing the company’s strong momentum in AI and its expanding enterprise offerings such as the “Lifted” subsidiary.
Strategically, the Lisbon office aligns with Upwork’s broader global expansion plan, which focuses on AI innovation, enterprise solutions, and attracting higher‑value clients. Lisbon’s reputation as a tech hub, coupled with Portugal’s supportive investment climate, positions the company to tap into a new talent pipeline and to deepen its presence in Europe. The expansion also signals Upwork’s intent to strengthen its competitive edge in the contingent workforce market, where AI adoption is reshaping client expectations and service delivery.
The Lisbon launch, combined with the company’s record Q3 performance and raised guidance, signals a robust trajectory for Upwork. The expansion supports the scaling of its AI‑native platform, enhances its global technical capabilities, and reinforces its position as a leading provider of human and AI‑powered work solutions. Overall, the move reflects Upwork’s confidence in sustained growth and its commitment to delivering value to clients and talent worldwide.
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