upstartwhich uses artificial intelligence to make online lending decisions, rose 46% on Friday, its best day in greater than three years. toastwhich sells payment technology to restaurants, rose 14% to shut at its highest level since 2021.
Both corporations reported better-than-expected results, sparking the rallies.
Upstart's third-quarter revenue rose 20% to $162 million, comfortably beating analysts' estimates. CEO David Girouard said on the corporate's earnings call: “We’re in growth mode.”
Toast is still well off its 2021 pandemic highs, but the stock has now more than doubled this year. The company's adjusted profit forecast of $90 million to $100 million for the current quarter significantly beat estimates.
The two stocks were part of a huge rally on Wall Street this week that followed Donald Trump's election victory on Tuesday night. All three major indexes closed at record levels, with the tech-heavy Nasdaq finishing the week up 5.7%, its second-best week of the year.
In the fintech space, cryptocurrency-related companies were among the frontrunners after candidates funded by the cryptocurrency industry won most votes.
Coinbase Shares rose 48% this week, their strongest performance since January 2023. Coinbase was one of the biggest corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliated PACs, including a new $25 million pledge Dollars to support election pro-crypto super PAC in 2026 midterm elections.
Trump has vowed to oust SEC Chairman Gary Gensler, potentially boding well for companies like Coinbase that are battling the regulator in court over alleged securities crimes.
Robinhoodwhich allows users to buy and sell a range of digital currencies, rose 27% this week. The online broker received a Wells notice from the SEC in May, a step that often precedes formal charges.
Bitcoin hit a new intraday high above $77,300 and ended the week 11% higher. Ether, Solana and Dogecoin outperformed Bitcoin's gains.
Not all fintechs recovered.
Block, Square's parent company, reported third-quarter revenue on Thursday that fell short of Wall Street expectations, leading to a slight decline in the stock on Friday. Shares of Jack Dorsey's company underperformed the frontier technology market this week, rising 3.3%.
Confirmthe buy now, pay later loan provider, beat both top and bottom lines, but shares still fell 4.7% on Friday, slightly ahead of the Nasdaq for the week.
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