$Upstart Holdings, Inc.(UPST)$

2023-11-09

$Upstart Holdings, Inc.(UPST)$ earnings after the bell. They haven't run this time like they did last time, but the macro picture continues to deteriorate.

Upstart is wholly dependent on others for their funding sources. They have made good strides in securing some persistent funding, which helps, but I'm concerned about what will happen with their guidance. Analysts are guiding for a return to GAAP profitability next quarter. I'm not sure if they'll be able to get the origination volumes to make that happen.

They are working hard on right-sizing their expenses, and they don't need to put a lot into marketing right now because their originations are so low. I'll be interested to see what they have to say about the lending environment, as it's always helpful to hear this from another company in the personal lending space.

No position and there could be a big move either way and I have no strong conviction of how it will move this time (unlike last time

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