After Taking a Beating in 2022, Can Upstart Return to Growth Stock Status in 2023?
At the end of the first quarter of 2022, management at Upstart (NASDAQ: UPST) was highlighting its seventh profitable quarter in a row and fourth straight quarter of triple-digit year-over-year revenue growth.
By the end of the second quarter, the Federal Reserve had raised interest rates by 150 basis points. And when Upstart reported its second-quarter results in August, the business had run into a wall. Revenue growth dropped to 18% year over year.
The stock is now down 90% year to date -- a thoroughly demoralizing year for Upstart investors. The sheer drop in its stock price means the market has been questioning whether Upstart will return to its top-dog status in 2023 or remain lackluster.
Source Fool.com
