By Shares of Oscar Health saw an increase following its announcement of a narrower loss than anticipated in the fourth quarter.
Positive Growth Signals
The company’s stock rose by approximately 22%, reaching $16.43, and earlier hitting a 52-week high of $17.55 during Thursday’s session. Oscar Health’s shares have exhibited an impressive 83% increase since the beginning of the year.
Improved Financial Performance
Oscar Health, a leading healthcare technology company, reported a loss of $150 million, or 66 cents per share, for the three months ended December 31. This stands in comparison to a loss of $226 million, or $1.05 per share, for the same period last year. Analysts polled by FactSet had predicted a loss of 72 cents per share.
Steady Revenue
In terms of revenue, Oscar Health generated $1.43 billion for the quarter, surpassing last year’s figure of $995.1 million and aligning with analysts’ expectations of $1.43 billion. Looking ahead, the company has set a target of achieving net sales between $8.3 billion to $8.4 billion for the year 2024.
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