Upstart Holdings, Inc. tumbled over 23% in morning trading as its revenue and earnings missed forecasts for the current quarter.
It reported a second-quarter net loss of $28.2 million, or 34 cents a share, compared with a loss of $29.9 million, or 36 cents a share, in the year-earlier period. Revenue fell to $136 million from $228.2 million.
For the third quarter, it expects $140 million in revenue, while analysts had been anticipating $155 million. The company also models $5 million in adjusted earnings before interest, taxes, depreciation and amortization (Ebitda), while analysts were looking for $9.6 million in adjusted Ebitda.
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