Stock Alert: Upstart Holdings Jumps 20% On Quarterly Results

(RTTNews) - Shares of Upstart Holdings Inc. (UPST) jumped about 20% on Wednesday morning. The company on Tuesday after market closed reported its first-quarter results, with both profit and revenues beating Wall Street estimates. The company also lifted its full-year revenue outlook and issued a second-quarter revenue outlook that is expected beat estimates.

UPST is currently trading at $106.85, up $17.41 or 19.47%, on the Nasdaq.

Upstart's first-quarter profit rose to $10.1 million or $0.11 per share from $1.5 million or breakeven per share. Adjusted earnings for the quarter were $0.22 per share, up from $0.05 per share last year. Revenues for the quarter surged 90% to $121.3 million from $64.0 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.15 per share and revenues of $116.06 million for the quarter.

Looking forward to the second quarter, Upstart expects revenues of $150 million to $160 million. Analysts currently estimate revenues of $117.13 million.

For the full year 2021, the company now expects revenue of around $600 million, up from prior guidance of $500 million. Analysts currently estimate revenues of $503.18 million.