Upstart Announces Fourth Quarter 2020 and Fiscal Year 2020 Results
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Upstart (UPST) Explodes 40% on Earnings Beat and Strong Guidance, Triggering Upgrade to 'Outperform'
March 18, 2021 8:00 AM EDTUpstart (NASDAQ: UPST) stock exploded over 40% in pre-open trading Thursday after the company reported strong results in its first financial results as a public company.
The digital lending AI company reported a net income of $1.03 million for the fourth quarter. On an adjusted basis, UPST said it earned $0.07 per share to top the market expectations of $0.02 per share.
Revenue came in at $86.7 million, again higher than $73.5 million expected from the Street, and representing a y-o-y increase of 39%. Last year, the company made a profit of $0.10 per share.
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Upstart Holdings (UPST) Tops Q4 EPS by 5c, Revenues Beat; Offers 1Q & FY21 Revenues Guidance Above Consensus
March 17, 2021 4:07 PM EDTUpstart Holdings (NASDAQ: UPST) reported Q4 EPS of $0.07, $0.05 better than the analyst estimate of $0.02. Revenue for the quarter rose 39% to $86.7 million versus the consensus estimate of $74.06 million.
Fourth Quarter 2020 Financial Highlights
Revenue. Total revenue was $86.7 million, an increase of 39% year-over-year for the fourth quarter. Total fee revenue was $84.4 million, an increase of 38% year-over-year.Lending Volume and Conversion Rate. Bank partners originated 123,396 loans across our platform in the fourth quarter of 2020, up 57% from the same quarter of the prior year. Conversion on rate requests was 17.4% in the fourth quarter of... More