Upstart Holdings Q2 Earnings Recap: Revenue And EPS Miss, CEO Calls Quarter 'Disappointing'
Upstart Holdings Q2 Earnings Recap: Revenue And EPS Miss, CEO Calls Quarter 'Disappointing'
Artificial intelligence based lending company Upstart Holdings Inc (NASDAQ:UPST) reported second-quarter financial results after the market close Monday. Here are the key takeaways.
What Happened: Revenue in the second quarter was $228 million, up 18% year-over-year. Revenue came is below a Street estimate of $241.6 million, according to data from Benzinga Pro.
The company reported earnings per share of 1 cent in the second quarter, below a Street estimate of 10 cents.
Upstart had 321,138 loans originated by bank partners in the second quarter that totaled $3.3 billion. Loans were up 12% year-over-year.
Conversion on rare requests were 13% in the second quarter, down from 24% from last year's second quarter.
"This quarter's results are disappointing and reflect a difficult macroeconomic environmental that led to funding constraints in our marketplace," Upstart CEO Dave Girouard said. "In response we're taking the necessary actions to build a more resilient and committed funding model over time."
The company repurchased 3.5 million shares of UPST totaling $125 million in the second quarter.
Related Link: Upstart Q1 Earnings Highlights: Earnings And Share Buyback
What's Next: Upstart is guiding for third-quarter revenue to hit $170 million. Benzinga Pro data shows analysts expecting the company to post $248.9 million in third-quarter revenue.
"We're confident that our AI-based risk model is more accurate than ever, and provides the opportunity for long-term, sustainable growth," Girouard said.
UPST Price Action: Upstart shares were trading 5.33% higher after-hours Monday at $33.99.
Photo courtesy of Upstart.
基於人工智能的貸款公司Upstart控股有限公司納斯達克(UPST:UPST)週一收盤後公佈了第二季度財務業績。以下是關鍵的要點。
發生的事情: 第二季度營收為2.28億美元,同比增長18%。根據Benzinga Pro的數據,收入低於華爾街預測的2.416億美元。
該公司公佈第二季度每股收益為1美分,低於華爾街預測的10美分。
Upstart在第二季度從銀行合作伙伴那裏獲得了321,138筆貸款,總額為33億美元。貸款同比增長了12%。
今年第二季度,罕見需求的轉化率為13%,低於去年第二季度的24%。
首席執行官upstart表示:“本季度業績令人失望,反映出困難的宏觀經濟環境導致我們的市場資金緊張。”戴夫·吉魯亞德説。“作為迴應,我們正在採取必要的行動,隨着時間的推移,建立一種更具彈性和更堅定的融資模式。”
該公司在第二季度回購了350萬股UPST股票,總金額為1.25億美元。
相關鏈接:upstart第一季度收益亮點:收益和股票回購
接下來是什麼:Upstart預計第三季度營收將達到1.7億美元。Benzinga Pro的數據顯示,分析師預計該公司第三季度營收將達到2.489億美元。
吉魯亞德説:“我們相信,我們基於人工智能的風險模型比以往任何時候都更準確,併為長期、可持續的增長提供了機會。”
UPST價格行動:Upstart的股價週一盤後上漲5.33%,至每股33.99美元。
圖片由upstart提供。
譯文內容由第三人軟體翻譯。
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