Upstart Is Soaring After Stellar Earnings -- Here's What You Need to Know

The stock market was having a sharply negative day on Wednesday, mainly due to a hotter-than-expected inflation report. But lending technology company Upstart (NASDAQ: UPST) was a big exception. As of 9:50 a.m. ET, Upstart was higher by more than 30% for the day.As you might expect, Upstart's earnings report is the main catalyst behind the move. The company handily beat expectations on both the top and bottom lines, as revenue surged by 56% year over year and the company was nicely profitable on an adjusted basis, compared with a loss in the same quarter a year ago.Upstart's loan platform was far more active than many had expected, with 68% year-over-year growth in loan volume to $2.1 billion, and a dramatically improved conversion rate (a higher percentage of applicants end up getting loans).Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool