Upstart ($UPST), the AI-enabled lending company, reported earnings for the first time ever and absolutely crushed it. The company also disclosed its acquisition of Prodigy Software, Inc.
$UPST exceeded estimated guidance by more than $13M and grew revenue by 39% YoY.
Here are the numbers:
EPS: $0.07 vs $0.05 est.
Revenue: $86.71M, +38.6% YoY
Upstart CEO Dave Girouard shared his enthusiasm for the public company’s first-ever earnings report:
We’re excited to share our financial results for the first time as a public company. Despite the COVID-19 pandemic, we delivered strong growth and profits in Q4 and for the full year 2020. This combination is rare among FinTechs and demonstrates the growing advantages of AI-based lending.
In addition to the lender’s strong financial results, Upstart’s acquisition of Prodigy, Inc. will unite the company’s machine learning-powered lending models with Prodigy’s cloud-based automotive retail software. Talk about a power couple.
Is Upstart only getting started?? Place your bets…
Here’s the daily chart:
Sports
New York’s ‘Rebirth’
NY Governor Cuomo announced New York’s ‘rebirth’— a reopening of concert venues and baseball games this spring.
Despite growing pressure for Cuomo’s resignation, the governor’s recent attempts to ease Covid restrictions have been a top priority. With venue reopenings at 10-20% capacity scheduled for April 1, Cuomo commented:
It’s Spring. The weather changes. It’s a whole new look at life for New York.
Meanwhile, it’s still undecided whether the Tokyo Olympics will have spectators or not… and if you’re curious, here’s an interactive trackershowing Covid restrictions in each US state.
Stay safe out there, y'all!!
It's Electric
Amazon Assesses Its EVs
San Francisco has always been a breeding ground for new ideas, and today was no exception. Bezos’ baby confirmed SF as its location for second-round testing of new Rivian-sourced EVs.
The new EVs can get up to 150 miles on a single charge and are part of a larger effort by Amazon to become more eco-friendly.
Surprisingly, San Francisco’s tech scene wasn’t entirely why Amazon chose the city. SF also offers unique terrain and climate conditions to adequately test the new delivery vans. Ross Rachey, director of Amazon’s global feet, said:
From what we’ve seen, this is one of the fastest modern commercial electrification programs, and we’re incredibly proud of that.
Amazon being fast and innovative at something? Who would’ve thought.
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Gaming
The Eye of the Tiger
Take-Two, the company behind games like Grand Theft Auto, and NBA 2K, announced a “long-term”deal with Tiger Woods as an exclusive partner for its PGA Tour 2K games.
Woods, who was once the face of rival EA’s golf game in 1998-2013, commented:
I am looking forward to making my return to the video game landscape. I’m honored to take part in this opportunity and look forward to sharing my expertise and insights as we build the future of golf video games together.
Will you hit virtual links when the new games come out?
Earnings
Earnings Round-Up
Nike reported earnings after the close. The company beat earnings estimates, but missed on revenue.
Here are the numbers:
EPS: $0.90 vs $0.76 est.
Revenue: $10.36B +2.6% YoY
President & CEO John Donahoe shared:
NIKE continues to deeply connect with consumers all over the world driven by our strong competitive advantages. Our strategy is working, as we accelerate innovation and create the seamless, premium marketplace of the future. I’ve never been more confident in our leadership and teams to operate with agility in a dynamic environment.
$NKE was down 2% after hours.
FedEx also reported earnings after the close. The logistics company grew revenue by 23% and beat earnings estimates.
Here are the numbers:
EPS: $3.47 vs $3.24 est.
Revenue: $21.5B +22.9% YoY
$FDX flew 3% after hours.
Coming Soon...
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
