Upstart Holdings, Inc. UPST shares are up after the company reported its second-quarter financial results Tuesday. Here's a look at the details from the report.
The Details: Upstart reported quarterly losses of 17 cents per share, which beat the analyst consensus estimate of losses of 39 cents by 56.41%. Quarterly revenue came in at $128 million, which beat the analyst consensus estimate of $124.54 million by 2.78%.
There were 143,900 loans originated, totaling $1.1 billion across the platform in the second quarter of 2024, down 6% from the same quarter of the prior year. Conversion on rate requests was 15% in the second quarter of 2024, up from 9% in the same quarter of the prior year.
Contribution profit was $76.1 million in the second quarter of 2024, down 21% year-over-year, with a contribution margin of 58% compared to a 67% contribution margin in the same quarter of the prior year.
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“The guidance we released today demonstrates that we’re on track toward resuming our role as the fintech known for high growth and healthy margins,” said Dave Girouard, CEO of Upstart. “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.”
Outlook: For the third quarter of 2024, Upstart expects revenue of approximately $150 million versus the $124.5 million estimate.
UPST Price Action: According to Benzinga Pro, Upstart shares are up 17.18% after-hours at $27.97 at the time of publication Tuesday.
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Image: Courtesy of Upstart Holdings, Inc.
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