Upstart preliminary Q2 revenue ~$228M vs guidance $295-305M; net loss $(27-31)M

Upstart Holdings, Inc.

2022-Q2 EPS reported $0.03 revenue$538,298,000

Revenue ~$228M, well below prior guidance of $295-305M; net loss $(27-31)M vs guidance loss $(4-0)M.
Contribution margin ~47% vs guidance ~45%, indicating improved unit economics despite lower volumes.
CEO Girouard: Inflation/recession fears drove funding constraints and balance sheet loan sales, cutting revenue.
Final Q2 results to be reported August 8, 2022; company continues share repurchases.

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