Upstart's Guidance Just Got Worse -- Is It Time to Abandon the Stock?
After the artificial intelligence lender Upstart (NASDAQ: UPST) told investors last month to prepare for weak revenue and a wider-than-expected loss in the second quarter, you would have thought that the worst was behind the company. But shares tumbled again after the company reported full results from the second quarter after the market closed Monday. Upstart guided for revenue in the third quarter that is significantly lower than what analysts had been expecting, along with a few other surprises. Is it finally time to abandon this once high-flying stock? Let's take a look.
Upstart now expects to generate revenue of $170 million and a net loss of roughly $42 million in the third quarter ending Sept. 30. Analysts had been expecting revenue of nearly $249 million and a profit of $0.24.
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Source Fool.com
