Upstart Holdings, Inc. (NASDAQ: UPST) experienced an 18.74% drop in stock value on Wednesday, closing at $67.14 per share. The company reported a swing to a net income of $5.6 million from a $54.5 million net loss, with revenues more than doubling to $257.29 million in the second quarter.

For the first half of the year, Upstart Holdings posted a net income of $3.16 million, a significant improvement from a $119.07 million net loss in the same period last year. Total revenues increased by 84% to $470.66 million from $255 million.

Following the positive results, Upstart Holdings raised its full-year revenue guidance to $1.055 billion and adjusted EBITDA to 20%, up from $1.01 billion and 19% respectively. The company is aiming for a total revenue of $280 million in the third quarter, with most of it coming from fees and net interest income. If you’re considering investing in AI stocks, check out our free report on the best short-term AI stock.

Read more at Yahoo Finance: Upstart Holdings (UPST) Drops 18.7% After Earnings