Upstart Holdings, Inc. (NASDAQ:UPST) reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates on Tuesday.

Upstart reported quarterly losses of 17 cents per share, which beat the analyst consensus estimate of losses of 39 cents by 56.41%. Quarterly revenue came in at $128 million, which beat the analyst consensus estimate of $124.54 million by 2.78%.

"The guidance we released today demonstrates that we're on track toward resuming our role as the fintech known for high growth and healthy margins," said Dave Girouard, CEO of Upstart. "The improvements in our business are coming from significant advances in our AI model, a revitalized funding supply, and increased operating efficiency. These wins and more are providing the foundation for the Upstart comeback story."

For the third quarter of 2024, Upstart expects revenue of approximately $150 million versus the $124.5 million estimate.

Upstart shares gained 0.2% to close at $23.87 on Tuesday.

These analysts made changes to their price targets on Upstart following earnings announcement.

• Piper Sandler analyst Arvind Ramnani maintained Upstart with a Neutral and raised the price target from $28 to $31.
• Citigroup analyst Peter Christiansen upgraded Upstart from Sell to Neutral and increased the price target from $15 to $33.

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