Upstart (UPST) reported third-quarter revenue up 34% to $370.5 million, above the $363.7 million consensus, and GAAP EPS of $0.33 versus $0.23 estimates. Contribution profit rose 48% to a record $218 million, while loan originations were up 44% year over year to $4.1 billion but fell sequentially. Secured loans, including auto and home, jumped 194% to $587 million and reached positive contribution margin for the first time, a quarter earlier than planned. Upstart still expects 35% compound annual revenue growth through 2028, but cut adjusted EBITDA guidance from around $294 million to $260 million, citing a weaker macro environment. The stock is hovering near two-year lows.
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