Upwork raises planned workforce reduction to about 37% from 24%
UPWK•Upwork expanded its restructuring plan, raising expected total workforce reductions to about 37% from 24%. Estimated pretax charges increased to $27 million-$37 million, and substantial completion is now expected in the first quarter of 2027.
1. Expanded restructuring plan
Upwork said its revised plan includes the approximately 24% workforce reduction announced May 7, 2026, as well as separate subsidiary cuts. Estimated pretax restructuring charges rose to $27 million-$37 million from $16 million-$23 million, primarily for severance and termination costs. The company expects substantial completion in the first quarter of 2027, compared with the fourth quarter of 2026 previously; charges recognized through September 30 totaled $18.1 million, with most remaining charges expected in the fourth quarter.
