Upwork Inc (NASDAQ:UPWK) shares are moving higher in Wednesday’s after-hours session after the company approved an additional $100 million buyback.
Check out what is going on with UPWK stock here.
What Happened: After the market close on Wednesday, Upwork announced that its board approved an additional $100 million share repurchase program.
It’s not clear how much is left under Upwork’s existing buyback, but the company said last month that it repurchased approximately $37.87 million of its common stock in the second quarter.
“Upwork’s financial results continue to exceed expectations, giving us another opportunity to utilize our balance sheet to increase shareholder value,” said Hayden Brown, president and CEO of Upwork.
“Our track record of operational discipline and rapid execution is enabling us to grow GSV and continue our market share gains.”
Upwork had approximately $291.07 million in total cash and cash equivalents as of June 30.
UPWK Price Action: Upwork shares were up 0.67% in after-hours, trading at $16.56 at the time of publication on Wednesday, according to Benzinga Pro. The stock closed Wednesday’s regular session up 3.07%.
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