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Upstart stock soars nearly 50% after upbeat earnings outlook, funding progress

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Shares of Upstart Holdings Inc. were rocketing 47% higher in after-hours trading Tuesday after the beleaguered financial-services company delivered an upbeat outlook for the current period even as its revenue for the latest quarter came in at a third of what it was a year before.

Upstart UPST, which uses artificial intelligence to inform lending decisions, has struggled in recent quarters as it’s had to price its loans at higher rates, a dynamic that has dampened demand. Additionally, it’s disclosed challenges as its funding…

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