Not a revenue-shocker (they were up even from stimulus-miracle a year ago), but a cost-shocker. Unable to pass on all the cost increases, their margins got squeezed.
Margin debt started dropping a month before the Nasdaq went south, and it’s still dropping.
This is now a common phenomenon with these Imploded Stocks.
You’re just “unsecured creditors” if we file for bankruptcy. But hey, CEO tweets: “We have no risk of bankruptcy.”
In October, Upstart was worth $35 billion, according to the collective idiocy of the hype-and-hoopla stock market. Now down to $3.6 billion.
Those that believed the hype and hoopla and didn’t get out in time got thackamuffled.
On crappy earnings and lowered guidance, many of these highflyer stocks kathoomphed -70% to -85% from highs last year.
It’s funny, almost.
Another stock gets added to my Imploded Stocks column.
Dotcom bust all over again, but bigger after 13 years of money printing.