Upstart Holdings Inc UPST shares are trading lower Tuesday after the company reported worse-than-expected financial results and issued guidance below analyst estimates.
Upstart said second-quarter revenue increased 18% year-over-year to $228.16 million, which missed the estimate of $241.63 million, according to data from Benzinga Pro. The company reported quarterly earnings of 1 cent per share, which missed the estimate of 10 cents per share.
"This quarter's results are disappointing and reflect a difficult macroeconomic environment that led to funding constraints in our marketplace," said Dave Girouard, co-founder and CEO of Upstart.
Related Link: Upstart Holdings Q2 Earnings Recap: Revenue And EPS Miss, CEO Calls Quarter 'Disappointing'
Upstart said it expects third-quarter revenue to be approximately $170 million versus the estimate of $248.92 million.
Piper Sandler analyst Arvind Ramnani maintained Upstart with a Neutral rating and lowered the price target from $25 to $24 following the company's results.
UPST Price Action: Upstart has traded between $161 and $22.41 over a 52-week period.
The stock was down 12.3% at $28.29 at press time, according to Benzinga Pro.
Photo: StartupStockPhotos from Pixabay.
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