Upstart said it expects second-quarter revenue of $135 million versus estimates of $133.15 million.

"Despite the headwinds facing our industry, we secured multiple long-term funding agreements, together expected to deliver more than $2 billion to the Upstart platform over the next 12 months," said Dave Girouard, co-founder and CEO of Upstart.

The lending industry continues to face headwinds, but Upstart's long-term funding agreements appear to be the bright spot investors are focused on, which may be helping to propel shares higher after hours. 

Affirm reported fiscal third-quarter revenue of $380.98 million, which beat estimates of $369.97 million. The company reported a quarterly loss of 69 cents per share, which beat estimates for a loss of 92 cents per share.

Affirm guided for fiscal fourth-quarter revenue of $390 million to $415 million versus estimates of $389.67 million. The company said it expects full-year 2023 revenue of $1.532 billion to $1.557 billion versus estimates of $1.52 billion.

Both Upstart and Affirm offer lending services. Upstart operates an AI lending platform partnering with banks and credit unions to expand access to affordable credit. Affirm offers a platform for digital and mobile-first commerce.

Upstart and Affirm are also heavily shorted. Upstart has 36.3% short interest and Affirm has short interest of 21.69%, per Benzinga Pro.

Photo: Mike Cohen from Flickr.