What's Going On With Upstart Stock After Hours?

Upstart Holdings Inc UPST shares are flat in Tuesday's after-hours session after the company reported better-than-expected financial results but issued weak guidance.

What Happened: Upstart said fourth-quarter revenue decreased 52% year-over-year to $147 million, which beat average analyst estimates of $133.59 million, according to Benzinga Pro. The company reported a quarterly net loss of 25 cents per share, which beat consensus estimates for a loss of 47 cents per share. 

Loan volume was down 62% on a year-over-year basis in the fourth quarter. Conversion rates totaled 11%, down from 24% year-over-year.

"Despite the economic headwinds of 2022 and continued funding challenges that have impacted our financial results, we're a much better company than we were a year ago. We begin the new year with more advanced technology, faster AI model development, dramatically more training data, and a strengthened leadership team," said Dave Girouard, co-founder and CEO of Upstart.

Upstart said it expects first-quarter revenue of approximately $100 million versus estimates of $157.99 million. The company anticipates revenue from fees to total $110 million, offset by a net interest income loss of approximately $10 million.

Upstart will hold a conference call to discuss these results at 4:30 p.m. ET.

See Also: Trading Strategies For Upstart Holdings Stock Before And After Q4 Earnings

UPST Price Action: Upstart has a 52-week high of $161 and a 52-week low of $12.01, according to Benzinga Pro.

Update: UPST stock was halted ahead of the earnings release. It was last down 5.18% at $60.72.

Photo: courtesy of Upstart.

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: EarningsNewsGuidanceSmall CapAfter-Hours CenterMoverswhy 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!