Chris Comparato, CEO of Toast, Inc., which held its IPO on the New York Stock Exchange on September 22, 2021.
Source: New York Stock Exchange
upstartThe company, which uses artificial intelligence to inform online lending decisions, soared 46% on Friday, its best day in more than three years. toastwhich sells payment technology to restaurants, rose 14% to close at its highest since 2021.
Both companies reported better-than-expected financial results, sparking rallies.
Upstart’s third-quarter revenue rose 20% to $162 million, easily beating analyst expectations. CEO David Girouard said at the earnings conference: ”We are in growth mode. ”
Toast is still a long way from its 2021 pandemic highs, but the stock has more than doubled this year. The company’s adjusted profit forecast for the quarter was between $90 million and $100 million, well above expectations.
The two stocks were part of a massive rally on Wall Street this week following Donald Trump’s election victory Tuesday night. All three major indexes closed at record highs, with the tech-heavy Nasdaq up 5.7%, ending its second best week of the year.
In the fintech industry, companies related to cryptocurrencies rose to the top after candidates funded by the crypto industry won top and bottom races on the ballot.
coinbase The stock rose 48% for the week, its best performance since January 2023. Coinbase was one of the largest corporate donors during the election, contributing more than $75 million to FairShake and its affiliated corporate PACs, including $25 million in new pledges to support FairShake. Also includes dollars. Supports Cryptocurrency Super PAC in 2026 Midterm Elections.
President Trump has vowed to fire SEC Chairman Gary Gensler, which could bode well for companies like Coinbase, which is battling regulators in court over alleged securities crimes.
robin hoodThe service, which allows users to buy and sell a number of digital currencies, rose 27% in the week. The online brokerage firm received a wells notice from the SEC in May, which often precedes formal charges.
Bitcoin It hit a new intraday high of over $77,300 and ended the week 11% higher. Ether, Solana, and Dogecoin outpaced Bitcoin’s rise.
Not all fintech companies have come together.
Shares fell slightly on Friday after Square’s parent company Block reported third-quarter sales Thursday that fell short of Wall Street expectations. Shares in Jack Dorsey’s company underperformed the border tech market this week, rising 3.3%.
affirmThe buy-now-pay-later loan company outperformed on record highs and bottom lines, but its stock fell 4.7% on Friday, slightly outperforming the Nasdaq for the week.
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