On SimpleFX, the stock jumped from $13.99 on Tuesday to $18.88 on Wednesday, May 10. Upstart is an artificial intelligence (AI) lending platform that collaborates with banks and credit unions to offer consumer loans while predicting creditworthiness using non-traditional factors like job and education.
Upstart Surges Nearly 35%
The price has risen, although Upstart Holdings published bleak financial results. Upstart served 84,000 loans for just under $1 billion, down 78% from year-ago levels, and revenue fell by 67% year over year to $103 million. Additionally, the business lost money, with adjusted net losses of $38.7 million, or $0.47 per share, reversing a profit from the prior year.
