Up, Up, and Away: Upstart (UPST) Beats Revenue Expectations as Shares Surge ~50%

Fintech and PRISM NextGen Tech and AI Index company, Upstart Holdings (UPST) announced Q2 financial results that beat on EPS ($0.17) vs FactSet ($0.39) and revenue of $127.6M vs FactSet $124.5M despite both metrics being down from the same period the prior year, the stock has surged up to 50% on the report.

This upward momentum is likely due to the company’s outlook as Upstart expects revenue of $150M for the third quarter which surprised investors as analysts had estimated $135.4M for the period.

Upstart CEO Dave Girouard stated, “The improvements in our business are coming from significant advances in our AI model, a revitalized funding supply, and increased operating efficiency. These wins and more are providing the foundation for the Upstart comeback story.”