Shares of Upstart Holdings (NASDAQ:UPST)were fluctuating in premarket trading after the AI-based loan originator beat expectations on the top and bottom lines in its third-quarter earnings report. Upstart reported revenue growth of 34% to $370.5 million, ahead of the consensus at $363.7 million. Loan originations were up 44% year-over-year to $4.1 billion, though they declined sequentially, hinting at the macroeconomic headwinds facing the company. For Q3, loans originated rose 34% to 574,089. On the bottom line, contribution profit, the metric the company is most focused on, rose 48% to $218 million, reaching an all-time high. Contribution profit is essentially revenue from fees minus direct borrower acquisition and servicing costs, and gives a sense of the core profitability of the business before indirect expenses.
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