Upstart Holdings NASDAQ:UPST rose 5.44% intraday after the AI lending marketplace, which routes borrowers to more than 100 banks and credit unions, reported second-quarter originations of $4.23 billion, up 50% from a year earlier. Total revenue reached $364.7 million, up 42% and past the $352.3 million analyst estimate. GAAP diluted earnings were $0.16 a share against a $0.19 estimate.

Contribution margin fell to 55% from 58%, and conversion rate dropped to 19.7% from 21.0%, even as contribution profit hit an all-time high of $193.1 million. Borrower acquisition costs rose to $102.3 million from $60.9 million. The secured book, meaning auto and home, is still losing money at a negative 35% contribution margin, though that's a sharp improvement from negative 176% a year ago and negative 96% last quarter.

Net income was $16.5 million against $5.6 million, and adjusted EBITDA reached $76.9 million at a 21% margin, unchanged year over year. Upstart repurchased $100.1 million of stock in the first half of the year. For the full year, Upstart held its guidance at roughly $1.4 billion in revenue and $294 million in adjusted EBITDA, a 21% margin.