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. 

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Source Fool.com