Upstart Holdings Inc (NASDAQ: 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.
View more earnings on UPST
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.
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This article What’s Going On With Upstart Stock After Hours? originally appeared on Benzinga.com
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