Upstart Holdings Inc UPST reported financial results for the first quarter after the market close on Tuesday. Here’s a look at the key metrics from the quarter.
Q1 Earnings Highlights: Upstart reported first-quarter revenue of $128 million, which beat the consensus estimate of $124.867 million, according to Benzinga Pro. Upstart’s top-line results were up 24% year-over-year, but down 9% sequentially.
The cloud-based AI lending platform company reported an adjusted loss of 31 cents per share, which beat analyst estimates for a loss of 39 cents per share.
Upstart said 119,380 loans were originated in the fourth quarter, totaling $1.1 billion, up 13% from the prior year's quarter.
“We continue to focus on improving our efficiency and financial performance while investing responsibly for the long term. As a result, we anticipate a return to sequential growth in the second half of the year and positive EBITDA by the end of the year, even in the current credit environment,” said Dave Girouard, CEO of Upstart.
Outlook: Upstart expects second-quarter revenue of approximately $125 million versus estimates of $140.83 million. The company anticipates a second-quarter adjusted EBITDA loss of approximately $25 million.
Management will hold a conference call to discuss these results at 4:30 p.m. ET.
UPST Price Action: Upstart shares were flat after hours at $24.47 at the time of publication, according to Benzinga Pro.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: courtesy of Upstart Holdings.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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