Upstart shares plummet 60% after company cuts full-year revenue forecast

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….