Form 8-K Upstart Holdings, Inc. For: Mar 17
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Upstart (UPST) Explodes 40% on Earnings Beat and Strong Guidance, Triggering Upgrade to 'Outperform'
March 18, 2021 8:00 AM EDTUpstart (NASDAQ: UPST) stock exploded over 40% in pre-open trading Thursday after the company reported strong results in its first financial results as a public company.
The digital lending AI company reported a net income of $1.03 million for the fourth quarter. On an adjusted basis, UPST said it earned $0.07 per share to top the market expectations of $0.02 per share.
Revenue came in at $86.7 million, again higher than $73.5 million expected from the Street, and representing a y-o-y increase of 39%. Last year, the company made a profit of $0.10 per share.
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