Upstart Holdings Inc. reported second-quarter revenue of $257 million, a 102% increase from a year earlier and ahead of analysts’ estimates. Fee revenue reached $240.8 million, while operating expenses totaled $252.7 million. The company generated GAAP net income of $5.6 million, or $0.05 a share, marking a return to profitability a quarter earlier than management had forecast. On an adjusted basis, the company posted a loss of $0.17 per share. Upstart originated 372,599 loans during the quarter—more than double the prior-year period—bringing total loan originations to over $2.8 billion. Management cited a conversion rate of 23.9%, up from 15.2% a year ago, as evidence that demand on its artificial-intelligence lending platform continues to accelerate. For the current quarter, the San Mateo-based company projects revenue of about $280 million, topping the consensus estimate of roughly $269 million. It also raised its full-year 2025 revenue outlook to about $1.055 billion, compared with analysts’ expectations of $1.01 billion. Despite the stronger-than-expected results and higher guidance, the stock fell roughly 9% in after-hours trading as investors weighed the company’s widening adjusted loss and rising expenses.