Upstart Holdings (UPST) Drops as Competitor Soars on IPO

We recently published 10 Stocks Melt Down in Hours. Upstart Holdings, Inc. (NASDAQ:UPST) is one of the worst performers on Wednesday.

Upstart snapped a four-day winning streak on Wednesday, shedding 9.43 percent to end at $62.42 apiece after its fellow “buy now, pay later” company, Klarna Group PLC (NYSE:KLAR), soared on its market debut.

On Wednesday, Klarna Group PLC opened at $57.2, also its highest during the day, before ending the day just up by 14.55 percent at $45.82 apiece. The newly listed firm also put pressure on shares of Affirm Holdings.

Klarna’s entry into the US market triggered concerns over heightened competition in the lending industry.

Further dampening sentiment was Upstart Holdings, Inc.’s (NASDAQ:UPST) 13.77-percent drop in net interest income in the second quarter of the year to $45.6 million from $52.88 million in the same period last year.

In the same period, Upstart Holdings, Inc. (NASDAQ:UPST) swung to a net income of $5.6 million from a $54.57 million net loss in the same period last year.

Total revenues more than doubled to $257.29 million from $127.63 million year-on-year.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.