Upstart Holdings (UPST) Drops 18.7% After Earnings

We recently published 10 Stocks Taking the Worst Hit. Upstart Holdings, Inc. (NASDAQ:UPST) is one of the worst-performing stocks on Wednesday.

Upstart Holdings fell by 18.74 percent on Wednesday to close at $67.14 apiece as investors appeared to have already priced a strong earnings performance prior to the official release of its second quarter results, meriting a profit-taking.

In its updated report, Upstart Holdings, Inc. (NASDAQ:UPST) said it swung to a net income of $5.6 million from a $54.5 million net loss in the same period last year. Revenues more than doubled to $257.29 million from $127.6 million year-on-year.

In the first half, Upstart Holdings, Inc. (NASDAQ:UPST) posted a $3.16 million net income, reversing a $119.07 million net loss in the same period last year.

Total revenues jumped by 84 percent to $470.66 million from $255 million.

Following the results, Upstart Holdings, Inc. (NASDAQ:UPST) raised its full-year revenue guidance to $1.055 billion from $1.01 billion previously, as well as adjusted EBITDA to 20 percent versus 19 percent previously.

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In the third quarter, the company is gunning for a total revenue of $280 million, with revenues from fees expected to be at $275 million, while the rest is expected to come from net interest income.