Upstart Holdings, Inc. UPST reported its third-quarter results after Thursday's closing bell. Here's a look at the details from the report.
The Details: Upstart reported quarterly losses of seven cents per share which beat the analyst consensus estimate for losses of 15 cents. Quarterly revenue came in at $162.14 million which beat the analyst consensus estimate of $150.22 million and is an increase over sales of $134.55 million from the same period last year.
- Total fee revenue was $168 million, an increase of 14% year-over-year, and up 28% sequentially.
- 188,149 loans were originated, totaling $1.6 billion across the platform in the third quarter of 2024, up 30% from the same quarter of the prior year, and up 43% sequentially.
- Conversion on rate requests was 16.3% in the third quarter of 2024, up from 9.5% in the same quarter of the prior year.
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“With 43% sequential growth in lending volume and a return to positive adjusted EBITDA, we continue to strengthen Upstart’s position as the fintech leader in artificial intelligence,” said Dave Girouard, CEO of Upstart. “Even without a significant boost from the macroeconomy, we’re back in growth mode.”
Outlook: Upstart sees fourth-quarter revenue of $180 million, a net income loss of $35 million and adjusta EBITDA of $5 million.
UPST Price Action: According to Benzinga Pro, Upstart shares are up 14.48% after-hours at $3.50 at the time of publication Thursday.
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Photo: Courtesy of Upstart Holdings, Inc.
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