In this photo illustration an Upstart Holdings logo is seen on a smartphone screen.
Pavlo Gonchar | SOPA Images | LightRocket | Getty Images
Shares of Upstart plummeted Tuesday after the artificial intelligence lending platform cut its full-year revenue outlook, citing rising interest rates and an uncertain economy.
The company had reported better-than-expected first-quarter results Monday after the bell, but also slashed its 2022 revenue forecast to $1.25 billion from a prior estimate of $1.4 billion.
Upstart expects second-quarter revenue of $295 million to $305 million, while analysts surveyed by Refinitiv predicted $335 million, on average.
The stock plunged 59.9% around 11:45 a.m. ET….