Summary by Moomoo AI
Upstart Holdings, Inc., a leading artificial intelligence lending platform, has reported its financial performance for the quarter ended March 31, 2024. The company saw a significant increase in Transaction Volume, both in dollars and the number of loans, which rose by 13% and 42% respectively, compared to the same period in 2023. This growth was attributed to improved funding availability through committed capital and other loan funding arrangements with institutional investors. Upstart's Conversion Rate also improved to 14% from 8.2% year-over-year, while the Percentage of Loans Fully Automated rose to 90% from 84%, indicating enhanced operational efficiency. Despite these positive trends, the company experienced a net loss of $64.6 million, although this was an improvement from the $129.2 million net loss in the previous year. The net loss...Show More