12:21 PM EDT, 08/07/2024 (MT Newswires) -- (Updates to add the stock movement in the headline and the first paragraph.)

Upstart Holdings ( UPST ) shares advanced more than 49% in recent Wednesday trading, a day after the company reported Q2 results that surpassed market expectations and provided Q3 revenue guidance higher than the consensus estimate.

The company reported Q2 adjusted loss late Tuesday of $0.17 per diluted share, swinging from adjusted earnings of $0.06 a year earlier.

Analysts surveyed by Capital IQ expected a normalized loss of $0.39.

Revenue for the quarter ended June 30 was $127.6 million, compared with $135.8 million a year earlier.

Analysts polled by Capital IQ expected $124.5 million.

For Q3, the company expects revenue of about $150 million. That compares with the consensus estimate of $142.4 million from analysts polled by Capital IQ.

Price: 35.65, Change: +11.78, Percent Change: +49.35