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.

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Source Fool.com