Is Upstart Stock a Buy?
With the Nasdaq Composite index on an absolute tear in 2023, up 33% (as of Aug. 8), many tech-enabled businesses have seen their share prices soar. Upstart (NASDAQ: UPST) is no exception. Its stock is up an incredible 293% this year, even though it remains 87% off its all-time high from late 2021.
The AI-powered fintech enterprise just gave a fresh financial update, providing investors with details for the three-month period that ended June 30. Before deciding if the stock is a buy, let's take a closer look at Upstart's latest results, as well as other important considerations that investors should know about.
Upstart's Q2 revenue of $136 million was down 40% year over year. That's not as bad as the 67% drop in the first quarter of 2023, but it's still discouraging for investors. The business also posted a net loss of $28 million. Wall Street seemed very disappointed with these results, as shares fell 15% in after-hours trading.
Source Fool.com
