Pagaya Technologies Stock Pops After Reporting Better-Than-Expected Q2 Sales Results, Raised Outlook

Pagaya Technologies Ltd. PGY shares are trading higher in the after-hours market session on Thursday after the company reported second-quarter earnings. Here's a summary of the details.

What To Know: Pagaya reported quarterly sales of $195.61 million, which beat the analyst consensus estimate of $187.80 million, a 7.75% increase over sales of $181.55 million in the same period last year.

The company anticipates third-quarter revenue in a range between $190 million and $200 million versus the $207.83 million estimate. FY23 revenue is estimated between $775 million and $825 million, versus the $805.37 million estimate.

One of the highlights from the report was network volume growth reaching $1.96 billion. The amount surpassed the $1.8 billion to $1.9 billion estimate and was credited to the company's personal loan vertical. New partners in auto and point-of-sale also bolstered the figure.

"We delivered another strong quarter while advancing our core mission to connect more people to financial opportunity," said Gal Krubiner, co-founder and CEO of Pagaya Technologies.

"Network volume reached a record-high as we continued to achieve consistent results for our lending partners and investors. We drove sustainable gains in profitability through increased monetization of our network and cost discipline. With continued momentum in our business, we are raising our network volume and adjusted EBITDA outlook for the year."

Related Link: What's Going On With Wish Stock Today?

PGY Price Action: Shares of PGY were up 32.50% at $3.06 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Gerd Altmann from Pixabay