Chris Comparato, CEO of Toast, Inc., IPO on September 22, 2021 on the New York Stock Exchange.
Source: New York Stock Exchange
upstartShares of the company that uses artificial intelligence to inform online lending decisions surged 46% on Friday, its best day in more than three years. ToastShares of the company that sells payments technology to restaurants rose 14% to close at their highest level since 2021.
Both companies reported better-than-expected results, sparking gains in stocks.
Upstart’s third-quarter revenue rose 20% to $162 million, handily beating analysts’ expectations. CEO David Girouard said on the company’s earnings call, “We are in growth mode. “
Toast remains well off its 2021 pandemic highs, but the stock has more than doubled this year. The company beat expectations with an adjusted profit forecast of $90 million to $100 million for the current quarter.
These two stocks are part of a huge rally on Wall Street this week donald trump Tuesday night’s election victory. All three major stock indexes closed at RecordThe tech-heavy Nasdaq rose 5.7% for the week, its second-highest week this year.
In the fintech space, crypto-related companies were among the top performers after crypto industry-funded candidates won up-and-down vote races.
Coin library Shares are up 48% this week, their strongest performance since January 2023. Coinbase was one of the largest corporate donors during the election cycle, giving more than $75 million to Fairshake and its affiliated PACs, including $25 million in new commitments Back a pro-crypto super PAC in the 2026 midterm elections.
Trump vows to remove SEC chairman Gary GenslerThis could bode well for companies like Coinbase, which are battling regulators in court over alleged securities crimes.
Robin HoodIt allows users to buy and sell multiple digital currencies and is up 27% this week. The online brokerage received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) in May, a move that typically precedes formal charges.
Bitcoin It hit a new intraday high above $77,300 and ended the week up 11%. Ethereum, Solana and Dogecoin outpaced Bitcoin’s gains.
Not all fintech stocks rose.
cloggedSquare’s parent company, report Third-quarter revenue on Thursday lagged Wall Street expectations, sending the stock down slightly on Friday. Shares of Jack Dorsey’s company rose 3.3% this week, underperforming the border technology market.
confirmprovider of buy now pay later loans, beat But the stock still fell 4.7% on Friday, slightly ahead of the Nasdaq for the week.
watch: Robinhood Crypto General Manager Reacts to Bitcoin Rise
