Upstart Stock Plummets After Q2 Earnings: Here's Why
Portfolio Pulse from Ryan Gustafson
Upstart Holdings, Inc. (NASDAQ:UPST) reported Q2 earnings of six cents per share, beating the analyst consensus estimate of a loss of seven cents. Quarterly sales were $135.77 million, beating the analyst consensus estimate of $134.94 million. However, lending partners originated fewer loans and conversion on rate requests was down. The company estimates Q3 revenue of approximately $140 million. Despite positive results, UPST shares fell 17.40% in after-hours trading.
August 08, 2023 | 8:33 pm
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Upstart Holdings reported better than expected Q2 earnings and sales, but saw a decrease in loans originated and conversion on rate requests. Shares fell 17.40% in after-hours trading.
Despite beating Q2 earnings and sales estimates, Upstart Holdings saw a decrease in loans originated and conversion on rate requests. This mixed result, along with the company's cautious outlook for Q3, likely contributed to the drop in share price.
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