Upstart Holdings, Inc. (NASDAQ:UPST) stock is trading lower Wednesday after the company released its second quarter financial results on Tuesday after the market closed.

What To Know: The company reported adjusted earnings per share of 36 cents, beating the consensus estimate of 26 cents. In addition, the company reported sales of $257.00 million, beating the consensus estimate of $225.28 million and representing a 102% year-over-year increase.

Upstart originated 372,599 loans in the second quarter, up 159% from a year earlier, and saw its conversion rate rise to 23.9% from 15.2%. The company's GAAP net income reached $5.6 million, a sharp improvement from the $54.5 million loss it reported in the same quarter last year.

Q3 Outlook: The company sees sales at $280.00 million, versus the consensus estimate of $267.47 million.

FY25 Outlook: Upstart raises its sales guidance from $1.01 billion to $1.05 billion, versus the consensus estimate of $1.01 billion.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

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UPST Price Action: At the time of writing, Upstart stock is trading 18.0% lower at $67.85, according to data from Benzinga Pro.

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