Why Oscar Health Stock Was Trouncing the Market Today
Among the healthier stocks on a generally down Wednesday for the market was Oscar Health (NYSE: OSCR). The next-generation health insurer's shares were rocketing more than 12% higher in mid-afternoon trading, providing a sharp contrast to the slumping S&P 500 index. Investors were clearly signalling their approval of Oscar's latest earnings release.
For its second quarter, Oscar's revenue totaled $1.52 billion, which was nearly 50% higher year over year. This was on the back of a 48% rise in earned premiums. The insurance company also saw a dramatic improvement on the bottom line, with its net loss narrowing considerably to $15.5 million ($0.07) per share from the year-ago deficit of over $112 million.
Analysts tracking the stock had modest expectations. On average, they were estimating Oscar's revenue would come in at only $1.38 billion, and its net loss would be $0.22 per share.
Source Fool.com
