Why Upstart Holdings Stock Is Falling Today

Upstart Holdings Inc UPST shares are trading lower Tuesday after the company reported worse-than-expected financial results and issued guidance below analyst estimates.

Upstart said second-quarter revenue increased 18% year-over-year to $228.16 million, which missed the estimate of $241.63 million, according to data from Benzinga Pro. The company reported quarterly earnings of 1 cent per share, which missed the estimate of 10 cents per share.

"This quarter's results are disappointing and reflect a difficult macroeconomic environment that led to funding constraints in our marketplace," said Dave Girouard, co-founder and CEO of Upstart.

Related Link: Upstart Holdings Q2 Earnings Recap: Revenue And EPS Miss, CEO Calls Quarter 'Disappointing'

Upstart said it expects third-quarter revenue to be approximately $170 million versus the estimate of $248.92 million.

Piper Sandler analyst Arvind Ramnani maintained Upstart with a Neutral rating and lowered the price target from $25 to $24 following the company's results.

UPST Price Action: Upstart has traded between $161 and $22.41 over a 52-week period.

The stock was down 12.3% at $28.29 at press time, according to Benzinga Pro.

Photo: StartupStockPhotos from Pixabay.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsMoversTrading Ideaspremarket tradingwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!