July 23, 2024
Upstart stock soars 40% after upbeat earnings outlook, funding progress

Upstart stock soars 40% after upbeat earnings outlook, funding progress

Shares of Upstart Holdings Inc. rocketed 40% higher in after-hours trading Tuesday after the beleaguered financial-services company delivered an upbeat outlook for the current period even as its revenue for the latest quarter came in at a third of what it was a year before.

Upstart UPST, which uses artificial intelligence to inform lending decisions, has struggled in recent quarters as it’s had to price its loans at higher rates, a dynamic that has dampened demand. Additionally, it’s disclosed challenges as its funding partners…

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