Shares of Upstart Holdings, Inc. (UPST) gained over 17% on extended trading session on Tuesday after its profit and revenues of the first quarter trumped Wall Street estimates.
Upstart's first-quarter profit rose to $10.1 million or $0.11 per share from $1.5 million or breakeven per share. Adjusted earnings for the quarter were $0.22 per share, up from $0.05 per share last year.
Revenues for the quarter surged 90% to $121.3 million from $64.0 million last year.
Analysts polled by Thomson Reuters expected earnings of $0.15 per share and revenues of $116.06 million for the quarter.
"Upstart is delivering a combination of growth and profits that is rare in FinTech and in the technology industry overall," said Dave Girouard, CEO of Upstart.
He added, "The advantages of AI in lending are becoming more apparent by the day and Upstart is synonymous with this newly emerging category."
Looking forward to the second quarter, Upstart expects revenues of $150 million to $160 million. Analysts currently estimate revenues of $117.13 million.
For the full year 2021, the company now expects revenue of around $600 million, up from prior guidance of $500 million. Analysts currently estimate revenues of $503.18 million.
UPST closed Tuesday's trading at $89.44, up $1.23 or 1.39%, on the Nasdaq. The stock further gained $15.26 or 17.06% in the after-hours trade.
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