Upstart Holdings Inc (NASDAQ:UPST) shares were trading lower by 41.77% to $44.91 during Monday's after-hours session after the company announced first quarter results and gave second quarter and FY22 sales guidance below analyst estimates.
Upstart reported quarterly earnings of 61 cents per share, which beat the analyst consensus estimate of 51 cents. The company also reported quarterly sales of $310 million, which beat the analyst consensus estimate of $300.12 million by 3%.
Upstart sees second-quarter sales as low as $295 million or as high as $305 million, which is lower than the analyst consensus estimate of $334.8 million. Upstart also sees FY22 sales as low as $1.25 billion, lower than the analyst consensus estimate of $1.4 billion.
"Upstart just delivered our seventh consecutive profitable quarter and our fourth straight quarter with triple-digit year-on-year revenue growth," said Dave Girouard, co-founder and CEO of Upstart.
"While this year is shaping up to be a challenging one for the economy, we know the drill and are confident that we can navigate whatever 2022 and beyond might hold," the CEO said.
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Upstart Holdings provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform.
According to data from Benzinga Pro, Upstart has a 52-week high of $401.49 and a 52-week low of $71.09.
