On August 5, Upstart Holdings, Inc. rose 12.6% in pre-market trading, trading at $34.12/share, with turnover of $294,300.

The movement was driven by the company's strong Q2 earnings report. Upstart posted quarterly revenue of $364.7 million, up 42% year-over-year, exceeding the analyst consensus estimate of approximately $351.5 million. Adjusted EPS came in at $0.56, beating the $0.53 estimate by 5.66%, representing a 55.56% increase from $0.36 per share in the year-ago quarter. Adjusted EBITDA reached $76.9 million, up 45% year-over-year and well above the $64.4 million market expectation.

The company attributed the strong performance to continued optimization of its AI credit model, which more accurately differentiates between low-risk and high-risk borrowers, driving a reacceleration in its core personal loan business. Q2 loan originations totaled $4.23 billion with average daily originations of $53.9 million. Additionally, Upstart recently secured conditional OCC approval to establish Upstart Bank and signed a $4 billion forward-flow agreement with Castlelake, expanding its funding capacity. The company maintained full-year revenue guidance of approximately $1.4 billion.

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