Why Pagaya Technologies Stock Popped Today
Shares of Pagaya Technologies (NASDAQ: PGY) were up 19.9% as of 10:30 a.m ET Friday, according to data provided by S&P Global Market Intelligence, after the financial ecosystem AI infrastructure company announced better-than-expected second-quarter results.
Pagaya's quarterly revenue climbed 8% year over year, to $195.6 million -- well above the high end of guidance for a range of $180 million to $190 million -- translating to adjusted (non-GAAP) net income of $0.9 million, or slightly above breakeven on a per-share basis. Analysts, on average, were modeling an adjusted net loss of $0.02 per share on revenue of $187.8 million.
Pagaya's revenue beat was largely driven by a 14% increase in revenue from fees, which comprised around 95% of its total top line. Network volume increased to $1.96 billion, also above its outlook for a range of $1.8 billion to $1.9 billion. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) nearly quadrupled on a year-over-year basis, to $17.5 million, far above guidance for a range of $5 million to $10 million.
Source Fool.com
