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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.
- VNG posts first profit exceeding 1,000 billion VND
VNG's third-quarter revenue reached over 3,360 billion VND, up 22% year on year, and after-tax profit of 420 billion VND extended its run to three consecutive profitable quarters. For the first nine months, revenue totaled over 9,230 billion VND and after-tax profit reached 1,012 billion VND, the first time the company has crossed the 1,000 billion VND mark since listing at the end of 2022. Online games remained the main driver at about 66% of revenue, while fintech service Zalopay's revenue nearly doubled to 750 billion VND. As of end-September, total assets were nearly 13,000 billion VND and liabilities nearly 11,700 billion VND, and the company expects AI products and services to account for at least 20% of revenue by 2030. VNZ shares closed the last session of October at 533,000 VND, giving a market capitalization of over 16,000 billion VND.
- Why SoFi Stock Popped Today
Shares of SoFi Technologies rose more than 13% after the digital financial services provider issued an optimistic growth forecast. Third-quarter adjusted net revenue surged 44% to $1.4 billion, members grew 35% to 17.1 million, financial products rose 44% to 26.7 million, and adjusted net income soared 74% to $243 million. SoFi expects full-year 2026 adjusted net revenue to grow 40% to $5.04 billion, with net income of $840 million and EPS of $0.61, and sees adjusted net revenue of $6.4 billion and EPS of $0.90 in 2027. CEO Anthony Noto said the company is adding more members and products to create long-term shareholder value.
- SoFi Technologies, Inc. Q3 2026 Earnings Call Summary
- Block's Adjusted Profit Jumps as Losses Climb: Rapid Earnings Reaction
Block (XYZ) grew third-quarter gross profit 22% year over year, ahead of its own guidance, and raised its full-year outlook again; shares rose about 8% in early after-hours trading. Gross profit reached $3.24 billion, with Cash App at $2.07 billion (up 27%) and Square gross payment volume at $76.4 billion (up 14%). Operating income was $428 million (up 5%), versus $923 million on an adjusted basis (up 92%), with the gap reflecting $435 million of excluded contingency, restructuring and other charges, mostly accrued legal costs. Transaction and loan losses rose 66%, three times as fast as gross profit, as Cash App Borrow and Afterpay lending expanded. Block guides gross profit growth to slow to 15% in the fourth quarter.
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- Voters Just Made Microsoft's Data Centers More Valuable, a Wall Street Veteran Says
Microsoft closed at a record $555.80 on Nov. 4, up 6.68% and adding about $259 billion in market value, after midterm results in which voters rejected data center projects in all but one of 41 local measures. Investors expect limits on new construction to make existing capacity scarcer and more valuable, though Art Hogan of B. Riley notes that a slower build-out also means slower capital spending. In Texas, Democrat Gina Hinojosa defeated Governor Greg Abbott after calling for a halt to new data center approvals, and Goldman Sachs estimated that states likely to tighten rules account for about 45% of planned U.S. capacity. Microsoft reported $45.2 billion in capital expenditures and $18.6 billion in cash flow, unlike rival cloud giants that have turned cash-flow negative. The article warns that if the limits stick, slower spending could slow Azure's 48% growth.
- Banks are turning cautious on lending, according to the Fed. What it means for the economy
A new Federal Reserve survey, published Nov. 2, shows U.S. banks tightening lending standards in the third quarter, particularly for smaller businesses, riskier households and commercial property. The survey covered 61 domestic banks and 18 U.S. branches of foreign lenders. Banks tightened standards on premiums charged on riskier loans for firms of all sizes, as well as on nonbank financial firms such as private equity funds. For households, mortgage standards were broadly unchanged, while tighter rules for subprime loans contrasted with some easing for jumbo mortgages. The 10-year Treasury yield hit an intraday high of 5.349% on Oct. 5, its highest since April 2002, and a separate Fed survey found the share of families behind on loan payments reached almost 20% at the end of 2025, up from about 12% in 2022.
- Apple Stock Is Up 22%, but 1 Slowing Business Could Test That Valuation
Apple stock is up about 22% this year through Nov. 3, roughly double the S&P 500's 11% gain, pushing its valuation to about 38 times earnings. Services, the high-margin business that has helped justify that premium, grew 10% year over year in the fiscal fourth quarter, down from about 12%, and management expects 8% to 9% in fiscal 2027 Q1, citing licensing headwinds and currency shifts. Services carried a 76% gross margin and made up 40% of gross profit. Total revenue rose 15% in fiscal 2026 to a record $479 billion, and Apple expects the holiday quarter to be its best for revenue ever. If services growth falls short of the 8% to 9% forecast, the article argues the premium valuation could be harder to justify.
- Snap Tumbles 11% as User Growth Miss and Sluggish Ad Sales Overshadow Return to Profit; Pinterest Dips, Meta Holds Steady
Snap swung to a profit in Q3, with net income of $56 million against a $104 million net loss a year earlier, but its revenue of $1.72 billion came in slightly below the $1.73 billion consensus and daily active users of 495 million missed the 499 million estimate. Subscriptions drove growth: other revenue jumped 84% and paid subscribers passed 30 million, while advertising revenue rose only 4%. CEO Evan Spiegel said ad revenue growth “remains below our ambitions,” and the company tied a decline in brand advertising to lower consumer packaged goods spending. Starting with Q1 2027 results, Snap will make monthly active users its main audience metric; it reported 977 million MAUs in Q3, while North America daily active users fell 6% year over year. Shares fell 11% to $5.30 in morning trading, while Pinterest was down 0.5% and Meta up 0.2%.
- Nvidia Just Dipped Below $200 for the First Time Since August
Nvidia closed at $200.13 after an intraday low of $199.68, its first trade below $200 since August 3, even as the S&P 500 gained 1.58%. The stock fell 3.17% as Big Tech rallied on Democrats' midterm wins, with investors seeing possible limits on new data center construction as a risk to chip demand. Apple's $5.10 trillion market value passed Nvidia's, which had been the world's largest company a day earlier. The consensus price target of $327.14 implies about 63.5% upside, and Nvidia guided third-quarter revenue to $108.0 billion, plus or minus 2%, with results due November 17. The shares remain about 16.3% below their October 6 record close of $239.24.
- Vistra Cratered by 25% This Year: One Wall Street Team Says 110% Returns Ahead for Investors
Vistra trades at $120.24 after falling 13.86% in the latest session to a 52-week low of $117.28, and is down 25.13% this year. CEO Jim Burke said ERCOT wholesale prices near $30 per MWh are too low to support new plants, and CFO Kris Moldovan said 2027 adjusted EBITDA is trending toward the lower end of the $7.4 billion to $7.8 billion range. Second-quarter revenue of $4.02 billion missed consensus by 27.24%, partly due to a $472 million unrealized hedge loss. Hyperscaler deals still support the story: Meta signed 20-year PPAs for more than 2,600 MW at Vistra’s PJM nuclear sites, and AWS contracted up to 1,200 MW at Comanche Peak. Against a consensus target of $204.32 implying about 69.9% upside, BNP Paribas Exane’s Street-high target of $255.00 implies roughly 112% upside, while skeptics note hedge coverage falls to about 72% in 2028.
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