Upstart Holdings (NASDAQ:UPST) announced fourth-quarter revenues that surpassed analyst predictions, yet its shares plunged over 22% intra-day today due to first-quarter outlook significantly below expectations.

In the fourth quarter, Upstart posted a loss per share of $0.11, aligning with consensus estimates. The company’s revenue amounted to $140.31 million, exceeding the forecast of $134.83 million. Year-over-year, its contribution profit rose by 17% to $95.6 million, marginally surpassing the expected $94.1 million.

The company also reported a positive adjusted EBITDA of $0.62 million, marking a significant shift from a loss of $16.6 million the previous year and outperforming the anticipated loss of $0.73 million.

For the upcoming first quarter of 2024, Upstart is projecting revenues of around $125 million and expects a contribution margin of approximately 61%.

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