Upstart (NASDAQ:UPST) stock is on the move Wednesday as investors take extra interest in the cloud-based artificial intelligence (AI) lending platform.
This comes after Upstart reported adjusted EPS of -17 cents in the second quarter of 2024. That’s better than the -39 cents per share that Wall Street was expecting for the quarter, even if it’s lower than the 6 cents reported in the same period of the year prior.
Its latest earnings report also includes revenue of $127.63 million. That’s another beat compared to analysts’ revenue estimate of $124.53 million. However, it is down from the $135.77 million reported in the second quarter of 2023.
Upstart CEO Dave Girouard said this in the earnings report:
“The improvements in our business are coming from significant advances in our AI model, a revitalized funding supply, and increased operating efficiency. These wins and more are providing the foundation for the Upstart comeback story.”
Outlook Lifts UPST Stock
For the third quarter of the year, Upstart is expecting revenue of roughly $150 million. That would come in above Wall Street’s revenue estimate of $135.36 million for the period.
With all of this positive news comes heavy trading of UPST shares. This has some 13 million units traded as investors buy the shares. That’s well above its daily average trading volume of about 5.4 million shares.
UPST stock is up 38.5% as of Wednesday morning.
There are even more stock market stories traders need to know about below!
We offer up all of the hottest stock market news available on Wednesday! A few examples include what’s happening with shares of Airbnb (NASDAQ:ABNB), Super Micro Computer (NASDAQ:SMCI) and Shopify (NYSE:SHOP) stock. You can read up on all of this at the links below!
More Stock Market News for Wednesday
- ABNB Stock Down 14% After Airbnb Q2 Results Disappoint
- SMCI Stock Split Alert: Is Super Micro a Buy on the 10-for-1 Split News?
- Shopify News: Why Is SHOP Stock Up 23% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
