Upstart reported third-quarter revenue up 34% to $371 million, above estimates of $363.7 million, and EPS rose from $0.23 to $0.33, beating expectations of $0.23. Originations were flat sequentially, and the company raised its full-year fee revenue guidance but lowered its adjusted EBITDA guidance amid macro pressure on its balance sheet. Its secured loan business was profitable for the first time, with a 17% contribution margin, and secured originations nearly tripled to $587 million. Contribution profit rose 48% to $218 million, which the company credited to technology and marketing improvements. The stock rose about 2% in afternoon trading and trades at a price-to-sales multiple of 1.5, its cheapest level ever apart from a brief period at the end of 2022.
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