Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why Upstart Stock Crashed and Burned on Wednesday

TheMotleyFool

0 0

Why Upstart Stock Crashed and Burned on Wednesday: https://g.foolcdn.com/editorial/images/708617/a-consumer-at-a-bankers-desk-applying-for-a-loan.jpg

Shares of Upstart Holdings (NASDAQ: UPST) cratered out of the gate on Wednesday, eventually recouping some of their losses. The stock plunged as much as 26.4% in early trading, but by 11:52 a.m. ET, the stock was down 13.4%.

The catalyst that sent the artificial intelligence (AI)-based lending platform lower was its third-quarter financial results, which were far worse than expectations.

Upstart reported revenue of $157 million, down 31% year over year, while total fee revenue of $179 million slumped 15%. This resulted in an adjusted loss per share of $0.24.

Source Fool.com

Like: 0

UPST

Share