- Wednesday, October 16, 2024
Pagaya Technologies, a leading developer of artificial intelligence and data networks for the financial industry, has reported impressive second quarter results and has raised its outlook. This news has had a positive impact on the company's stock, with shares rising by 15% to $2.66 in premarket trading on Friday.
Narrowed Loss and Robust Revenue Growth
In comparison to the same period last year, Pagaya Technologies has successfully narrowed its loss. For the three-month period ending June 30, the company reported a loss of $31.3 million, or 4 cents a share, compared to a loss of $180.8 million, or 71 cents a share, a year ago. Furthermore, when considering adjusted earnings per share, the company reported 0 cents per share.
On the revenue front, Pagaya Technologies has demonstrated solid growth. Its revenue climbed to $195.6 million from $181.5 million, indicating steady progress in generating income.
Positive Outlook for the Third Quarter and Beyond
Pagaya Technologies is optimistic about its future prospects. The company's forecast for the third quarter indicates revenue in the range of $190 million and $200 million, aligning with analysts' estimates. This suggests that Pagaya Technologies is on track to continue its growth trajectory.
Looking ahead to 2023, Pagaya Technologies has raised its network volume outlook. It now anticipates a network volume between $7.6 billion and $8.1 billion, surpassing its previous projection of $7.5 billion and $8 billion. Additionally, the company's adjusted earnings before interest, taxes, depreciation, and amortization for this period is expected to be between $40 million and $50 million. This is an increase from the prior outlook of $15 million and $30 million.
Overall, Pagaya Technologies is making significant strides in the financial industry, leveraging its artificial intelligence and data network capabilities. With a narrowed loss, robust revenue growth, and an optimistic outlook, the company is well-positioned for continued success.
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