The current market sentiment isn't positive, they added to it by cutting their outlook for 2022. Rip
What a š© stock going to š½. $400s to $40s in 7 months
Wasn't upst always shit
I love Blind this week because every hour thereās a new post about some company no one has ever heard of tanking in the market
You coulda just wrote āI know nothing about FinTechā and said the same thing with less words.
I had an interview with Upstart in 2021 when stock was around 50 or something. It was for an ML Eng role and the first round of interviews was sort of LC based and one question about probability, decently hard but fair questions and it went well. The next interview was basically system design, but I had to go into the weeds about message queue and exactly how information is sent in networks. This is way outside my domain and Iāve no idea how itās relevant to an ML engs day to day job. Needless to say I didnāt get the offer and I was a bit annoyed. I was extra annoyed when the stock price increased further to 400 and I was kicking myself for not knowing what seems to be basic knowledge to everyone else but me costing me such a lucrative opportunity. And well nowā¦ I see this. I donāt know how to feel anymore, itās a funny empty feeling - combination of relief that I didnāt get an offer at all but also feeling bad for the employees who did join and are screwed now
Dude get over it
I mean yeah, on the one hand i was disappointed at the time that I didnāt clear that interview but on the other hand Iām glad I didnāt get the offer cuz I would have been screwed now.
Well you used a chart with a y axis that doesn't start at 0 for one
This is all from the fact we lowered our forward guidance for 2022. Actually had a decent beat on EPS and revenue but stocks are forward looking. Still growing and still been profitable every quarter since we went public š¤·āāļø
Earnings were good, but upstart guided too high during last earnings and last quarter the expectations for guidance was between 1.1-1.15bn for full year, but upstart guided 1.4 BN now they reduced it to 1.25 BN, algos just look for such things and short the stock, it will recover to 60s by end of month.
Whats the mood internally?
Downstart
What's crazy is they are actually profitable unlike a shit ton of other companies that are just riding high on hopes and dreams. The market is irrational
Not actually profitable, it's a lot more marketing
Source? Everything I read shows that they are in fact profitable. Example https://www.thetechnologyletter.com/the-posts/why-has-upstarts-stock-been-such-a-dog-this-year
Who?
You