Upstart's Partners Pledge $2 Billion to Fund Loans. Is the Stock Back?
Financial technology (or fintech) company Upstart (NASDAQ: UPST) reported its financial results for the first quarter of 2023 after the market closed yesterday. And as of this writing, Upstart stock is up a whopping 33% when markets opened this morning.
Upstart's Q1 revenue plummeted 67% year over year and 30% quarter over quarter. Moreover, the company turned in a staggering net loss of $129 million, compared to a net profit of almost $33 million in the prior-year period.
Are you wondering why Upstart stock is skyrocketing on abysmal numbers like these? To understand what's happening, you need to understand Upstart's business model. And once you understand the business model, you'll see why the latest quarterly results were a huge step in the right direction for the company.
Source Fool.com
