Upstart Holdings, Inc. (UPST) in San Mateo, Calif., operates a cloud-based artificial intelligence (AI) lending platform in the United States. It recently reported solid first-quarter earnings results, with a 156% year-over-year increase in revenues to $310 million.
However, the company cut its full-year revenue forecast to $1.25 from $1.40 billion on concerns about declining lending activity due to aggressive interest rate increases and rising default rates.
