Shares of Upstart Holdings (NASDAQ:UPST) gained over 40% in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at -$0.47, which beat analysts’ consensus estimate of -$0.83 per share. Sales decreased by 66.8% year-over-year, with revenue hitting $103 million. This beat analysts’ expectations of $99.75 million.
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Management offered some forward projections, looking for revenue of around $135 million in the second quarter, with $130 million of that coming from fees. Upstart Holdings also looks for a net interest income of around $5 million and a total net loss of around $40 million.
Overall, UPST stock has a Moderate Sell consensus rating based on one Buy, three Holds, and six Sells assigned in the past three months.
