Upstart Holdings, Inc. (UPST) experienced a significant 24-hour plunge of 11.29% during the after-hours session on Tuesday, as the AI-powered lending platform released its first-quarter financial results.

The sharp decline was driven by the company's quarterly earnings report, which revealed a wider net loss and key profit metrics that fell short of Wall Street expectations. Upstart reported a first-quarter net loss of $6.6 million, compared to a loss of $2.4 million in the prior-year period. Adjusted earnings per share came in at $0.30, missing the analyst consensus estimate of $0.42.

While quarterly revenue of $308 million grew 44% year-over-year and slightly exceeded expectations, investors focused on the profitability shortfall. Adjusted EBITDA of $40.5 million declined from the year-ago quarter and was well below the $57 million analysts had anticipated. The company maintained its full-year 2026 revenue and adjusted EBITDA outlook, but the immediate earnings disappointment triggered the sell-off.