US Stock Market News | Q2 earnings exceed expectations, Upstart rises nearly 36%

On Wednesday, the artificial intelligence lending platform Upstart saw its stock price surge, rising nearly 36% to $32.5 as of the time of publication. The company's second-quarter financial performance exceeded expectations, and it issued higher-than-expected revenue guidance for the third quarter on Tuesday. Upstart reported a quarterly loss per share of 17 cents, which was 56.41% higher than the 39 cents loss per share widely expected by analysts. Quarterly revenue was $128 million, surpassing the analysts' consensus of $124.54 million by 2.78%. Upstart expects third-quarter revenue in 2024 to be around $150 million, compared to the expected revenue of $124.5 million