Shares of Upstart Holdings Inc. were rocketing 27% in after-hours trading Tuesday after the beleaguered financial-services company delivered an upbeat outlook for the current period even as its revenue for the latest quarter came in at a third of what it was a year before.
The company reported a net loss of $129 million, or $1.58 a share, whereas it recorded net income of $33 million, or 34 cents a share, in the year-earlier quarter. On an adjusted basis, Upstart UPST lost 47 cents a share, while analysts had been projecting a loss of 83 cents a share.