Fintechs Upstart and Toast soar on earnings [CNBC]
Coinbase Global, Inc. - Class A (COIN)
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Source: CNBC
Upstart , which uses artificial intelligence to inform online lending decisions, soared 46% on Friday, its best day in over three years. Toast , which sells payments technology to restaurants, jumped 14%, closing at its highest since 2021. Both companies reported better-than-expected results, sparking the rallies. Upstart's revenue jumped 20% in the third quarter to $162 million, easily beating analyst estimates. CEO David Girouard said on the company's earnings call that, ” we're in growth mode.” Toast is still well off its pandemic highs of 2021, but the stock has now more than doubled this year. The company's adjusted earnings forecast of $90 million to $100 million for the current quarter sailed past estimates. The two stocks were part of a huge rally on Wall Street this week that followed Donald Trump's election victory on Tuesday night. All three major indexes closed at records , with the tech-heavy Nasdaq finishing the week up 5.7%, its second-best week of the year.
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