Upstart Holdings posted its first GAAP profit in more than a year, reporting second-quarter net income of $5.6 million, or $0.05 a share, on fees revenue of $240.8 million. Operating expenses totaled $252.7 million, and pretax profit reached $5.7 million. The earnings per share exceeded Wall Street estimates by $0.11, marking a sharp turnaround from the loss the company recorded a year earlier. Management said momentum in its artificial-intelligence lending platform is driving “triple-digit” revenue growth and enabled the company to reach profitability a quarter sooner than planned. Upstart projected third-quarter and full-year 2025 revenue above analyst forecasts, signalling confidence that loan originations will continue to accelerate despite a higher-rate environment. The upbeat figures and guidance failed to lift investor sentiment. Upstart’s shares fell 9.4 percent in after-hours trading on Tuesday and were down a further 1.9 percent in pre-market dealings Wednesday, as the market digested the company’s widening expense base and the durability of consumer credit demand.