Upstart Holdings Inc. Reports First Quarter Earnings
Upstart Holdings Inc. (UPST) reported its first-quarter financial results after the market close on Tuesday. The company beat analyst expectations on both revenue and earnings per share.
Revenue for the quarter came in at $128 million, exceeding the consensus estimate of $124.867 million. This represents a 24% year-over-year increase but a 9% decline from the previous quarter.
Upstart reported an adjusted loss of 31 cents per share, surpassing analyst expectations of a 39-cent loss.
The company originated 119,380 loans in the first quarter, totaling $1.1 billion. This represents a 13% increase from the same period last year.
Upstart expects second-quarter revenue of approximately $125 million, falling short of analyst estimates of $140.83 million.
The company anticipates a second-quarter adjusted EBITDA loss of approximately $25 million.
Dave Girouard, CEO of Upstart, stated, "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."
Upstart shares remained flat after hours, trading at $24.47 at the time of publication.
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