The Company

2022-05-10

The company, which uses artificial intelligence in lending decisions, now expects 2022 revenue of roughly $1.25 billion. Its prior forecast was for about $1.4 billion in revenue.

The rise in consumer interest rates means that "on the margin, a whole bunch of people that would have been approved are no longer approved," Chief Executive Dave Girouard said on Upstart's earnings call.

"So there's a whole bunch of loans that just never happened at all, and there's a bunch of people that are still approved, but the interest rate is a few percentage points higher, and a certain fraction of them are going to decide that's not the product that they want," he said, especially citing the case of discretionary purchases.

Will you "sell in May & go away"?

"Sell in May and go away" is an investment adage warning investors to divest their stock holdings in May. Will you sell, buy, or stay? Share to win coins!

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Comments

BellaFaraday
2022-05-10
BellaFaraday
I feel like ai can be used for everything these days.
Joker_Smile
2022-05-10
Joker_Smile
dropping now. is it a good time to catch falling knives?
Maria_yy
2022-05-10
Maria_yy
Which company are you referring to?
ElvisMarner
2022-05-10
ElvisMarner
Rising interest rates are bad for some people.
Dionysius
2022-05-10
Dionysius
not the time to buy yet.
Huat8Huat
2022-05-10
Huat8Huat
[Cool]

Leave a comment

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