Why Upstart Is Falling Today
Shares of the artificial intelligence-based lender Upstart (NASDAQ: UPST) traded more than 7% lower as of 10:03 a.m. ET today after the company reported second-quarter earnings results following yesterday's market close.
In the second quarter, Upstart reported a net loss of $0.36 per share on total revenue of $228 million. The fintech company told investors in July to expect these numbers, so the market was somewhat prepared, but the results are way below analyst estimates prior to the warning.
"This quarter's results are disappointing and reflect a difficult macroeconomic environment that led to funding constraints in our marketplace," Upstart's CEO, Dave Girouard, said in an earnings statement.
Source Fool.com
