Fintechs Upstart and Toast soar on earnings

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Wall Street applauded results from fintech companies Upstart and Toast.

, which uses artificial intelligence to inform online lending decisions, soared 46% on Friday, its best day in over three years.Upstart's revenue jumped 20% in the third quarter to $162 million, easily beating analyst estimates. CEO David Girouard said on the company's earnings call that,Toast is still well off its pandemic highs of 2021, but the stock has now more than doubled this year.

shares jumped 48% for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a, which allows users to buy and sell a number of digital currencies, rose 27% for the week. The online brokerage received a Wells Notice from the SEC in May, a move that often precedes formal charges.

 

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