Why Upstart Is Falling Today

·2 min read

Shares of the artificial intelligence-based lender Upstart (NASDAQ: UPST) traded more than 7% lower as of 10:03 a.m. ET today after the company reported second-quarter earnings results following yesterday's market close. In the second quarter, Upstart reported a net loss of $0.36 per share on total revenue of $228 million. "This quarter's results are disappointing and reflect a difficult macroeconomic environment that led to funding constraints in our marketplace," Upstart's CEO, Dave Girouard, said in an earnings statement.