Why Upstart Rocketed Almost 50% Today
Shares of artificial intelligence (AI)-powered lender Upstart (NASDAQ: UPST) rocketed 43.3% Friday, as of 11:25 a.m. ET.
Upstart reported earnings yesterday evening showing improved results, likely due to inflation and interest rate expectations coming down. However, from today's reaction, it appears the positive results and guidance were even better than contemplated by investors heading into earnings.
In the third quarter, Upstart reported revenue of $162 million, up 20% year over year and 27% sequentially, ahead of expectations for around $152 million, with non-GAAP (adjusted) loss per share of $0.06, $0.01 below the $0.05 loss in the year-ago quarter but also ahead of expectations. Management guided for 11.1% sequential revenue growth to $180 million in the current quarter.
Source Fool.com
