What’s happening with emerging stocks after hours?
Upstart Holdings Inc (NASDAQ: UPST) shares were flat in after-hours trading on Tuesday after the company reported better-than-expected financial results but issued weak instructions.
What happened then: Upstart said fourth-quarter revenue fell 52 percent year-on-year to $147 million, beating analysts’ median estimate of $133.59 million, according to the company. Benzinga Pro. The company reported a quarterly net loss of 25 cents per share, beating the consensus estimate of a loss of 47 cents per share.
Lending volume fell 62% year-on-year in the fourth quarter. Conversion rates totaled 11%, down from 24% the year before.
“Despite the economic difficulties of 2022 and the ongoing financial challenges that have affected our financial results, we are a much better company than we were a year ago. start the new year with more advanced technology, faster AI model development, significantly more data training, and a strengthened leadership team,” said Dave GirouardCo-founder and CEO of Upstart.
Upstart said it expected first-quarter revenue of around $100 million versus an estimate of $157.99 million. The company predicts fee revenue to total $110 million, offset by a net interest income loss of about $10 million.
Upstart will host a conference call to discuss these results at 4:30 p.m. ET.
See more: Trading strategy for beginner stocks before and after Q4 earnings
UPST price action: Upstart had a 52-week high of $161 and a 52-week low of $12.01, according to Benzinga Pro.
Update: UPST stock has been paused before earnings release. It was last down 5.18% at $60.72.
Photo: courtesy of Upstart.
Don’t miss real-time alerts on your stocks – join Benzinga Pro free of charge! Try the tool that helps you invest smarter, faster and more efficiently.
this paragraph What’s happening with emerging stocks after hours? originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. Copyright Registered.