Upstart Q4 Earnings: Revenue Beat, EPS Beat, Weak Guidance And More

Upstart Holdings Inc UPST reported fourth-quarter financial results after the market close on Tuesday. Here’s a rundown of the report.

Q4 Earnings: Upstart said fourth-quarter revenue decreased 4% year-over-year to $140.91 million, which beat the consensus estimate of $134.89 million, according to Benzinga Pro. The company reported a quarterly loss of 11 cents per share, which beat analyst estimates for a loss of 14 cents per share.

Upstart said 129,664 loans were originated in the fourth quarter, totaling $1.3 billion, down 19% from the prior year’s quarter.

“Despite the difficult lending environment, we delivered solid results to end the year,” said Dave Girouard, CEO of Upstart.

“The numbers will show that we’ve actually become more efficient in 2023. And even while becoming more efficient, we’ve laid the groundwork to become a more resilient and diversified company that can thrive through a wide range of economic conditions.”

Outlook: Upstart anticipates first-quarter revenue of approximately $125 million versus estimates of $151.2 million. The company sees a first-quarter adjusted EBITDA loss of approximately $25 million.

A conference call to discuss these results kicked off at 4:30 p.m. ET.

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UPST Price Action: Upstart shares were halted for news after the market close on Tuesday. The stock resumed trading around 4:35 p.m. ET and was down 18% at $27 at the time of publication, according to Benzinga Pro.

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