Upstart Holdings, Inc.
|Company Name||Upstart Holdings, Inc.|
On May 9, 2022, after the market closed, Upstart announced its first quarter 2022 financial results in a press release. Therein, the Company reduced its fiscal 2022 guidance, expecting revenue of approximately $1.25 billion and contribution margin of 48%. During the related conference call, Upstart’s Chief Financial Officer cited “rising interest rates and rising consumer delinquencies [as] putting downward pressure on conversion.”
On this news, the Company’s stock price fell $43.52, or 56%, to close at $33.61 per share on May 10, 2022.
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