Shares of Upwork sank after the company cut its full-year guidance and provided third-quarter projections that missed Wall Street estimates.

The stock dropped 20% to $7.82 in post-market trading Monday. Shares have fallen 50% year-to-date at the market close.

The platform for freelancers said it expects to report adjusted earnings of $1.38 to $1.43 a share on revenue of $730 million to $750 million for 2026. In May, it guided for earnings of $1.50 to $1.55 a share on $760 million to $790 million of revenue.

For the third quarter, it expects adjusted earnings of 31 cents to 33 cents a share on revenue of $176 million to $184 million. Analysts polled by FactSet are forecasting earnings of 41 cents a share on $193.8 million of revenue.