Upstart Holdings Inc. (UPST) shares soared 17.92% in after-hours on Tuesday, August 10, 2021, and closed the daily trading at $160.00. In the regular trading session, UPST’s stock lost 1.10%. UPST shares have moved up by 5.44% in the past week. Over the past three months, the stock has gained 51.70%, while over the past six months, it went up 69.07%. The company has a current market of $10.52 billion and its outstanding shares stood at 73.63 million.
UPST latest financial results announcement
On August 10, 2021, Upstart Holdings, Inc. (UPST) announced financial results for its second quarter of the fiscal year 2021 ended June 30, 2021.
Q2 2021 financial highlights
- UPST reported revenue of $194 million in Q2 2021 compared to $17.35 million in Q2 2020.
- Operating income was $36.3 million in Q2 2021 compared to $11.4 million in Q2 2020.
- Total operating expenses were $157.65 million in Q2 2021 compared to $28.74 million in Q2 2020.
- it earned a GAAP net income of $37.3 million in Q2 2021 compared to $6.2 million in the same quarter in 2020.
- GAAP diluted earnings per share were $0.39 in Q2 2021 compares to $0.42 in Q2 2020.
- In Q2 2021, Adjusted EBITDA was $59.5 million compared to $3.1 million in Q2 2020.
Financial Outlook for Q3 2021
For the third quarter of 2021, Upstart expecting
- Revenue in the range of $205 to $215 million
- Net Income in the range of $18 to $22 million
- Adjusted EBITDA in the range of $30 to $34 million
Personal Loans by UPST
On July 28, 2021, Upstart (UPST), announced that Associated Bank launched enhanced personal loan capabilities including a seamless, digital experience enabled by Upstart.
Associated Bank is now offering personal loans powered by Upstart’s all-digital, AI-lending platform on its bank website to better serve its customers and approve more borrowers while staying within the bank’s risk parameters.
UPST selected by Credit Union
On July 21, 2021, Upstart (UPST) announced that it was selected by Telhio Credit Union to provide personal loans to better support its members and the communities it serves.
Telhio Credit Union became an Upstart lending partner in May 2021 and will be offering personal loans powered by Upstart’s all-digital, AI-lending platform.
UPST partnership with NXTsoft
On June 23, 2021, NXTsoft and Upstart (UPST), announced a partnership that will enable Upstart to more efficiently implement its all-digital AI lending platform to any U.S.-based financial institution.
The financial institutions will now be able to more quickly integrate Upstart’s AI platform into their existing services, after this partnership.
Conclusion
UPST stock went up in the after-hours after the company announced its exceptional financial performance for Q2 2021 and we can expect it to continue its positive momentum in the coming days.
