RTTNews | Aug 11, 2021 07:32AM EDT

07:31 Wednesday, August 11, 2021 (RTTNews.com) - Upstart Holdings, Inc. (UPST) that operates a cloud- based artificial intelligence (AI) powered online lending platform is rising more than 20% in pre-market trade on Wednesday after strong second-quarter results that beat the estimates on both topline and bottomline.

The California-headquartered fintech company had on Tuesday reported revenue of $194 million for the quarter, an increase of more than 1,000% from the $17 million sales in the year-ago quarter and far higher than the analysts' estimate of $158 million.

The lender's net income of $37.3 million or $0.39 per share also came in as a pleasant surprise as last year it had reported a loss of $6.2 million or $0.42 per share. The Street was expecting $0.25 earnings per share, while the company's adjusted net income came in at $58.5 million or $0.62 per share. In the prior period the company had reported a loss of $3.7 million or $0.25 per share.

It appears the investors are also betting on the company's longer-term prospects as it has raised the revenue guidance for fiscal 2021 to $750 million, from the prior guidance of $600 million. Analysts expect it to post revenue of $601 million for the period.

UPST has traded between of $22.61 and $191.89 in the past 52 weeks. It is currently trading at $163.50, up $27.82 or 20.50 percent over Tuesday's close.

Read the original article on RTTNews ( https://www.rttnews.com/3218036/upstart-off-to-a-good-start-in-pre-market-on-strong-q2-performance.aspx)

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