Pagaya Technologies Ltd. shares rallied in the extended session Thursday after the AI-backed fintech data company’s adjusted results and outlook topped Wall Street expectations. Pagaya
PGY,
-4.94%
shares surged as much as 37% after hours, following a 5% decline to finish the regular session at $2.31. Year to date, shares have rallied more than 85%, compared with a 16% gain on the S&P 500 index
SPX.
The company reported a second-quarter loss of $31.3 million, or 4 cents a share, compared with a loss of $175.3 million, or 71 cents a share, in the year-ago period. Adjusting for stock-based compensation expenses and other items, Pagaya reported earnings of $886,000, or breakeven a share, compared with a loss of $18.6 million, or 7 cents a share, in the year-ago period. The company also reported adjusted earnings before interest, taxes, depreciation and amortization of $17.5 million, while analysts surveyed by FactSet had forecast $5.6 million. Total revenue rose 7.8% to $195.6 million from $181.5 million in the year-ago quarter, while revenue from fees rose 13.7% to $185.6 million from $163.3 million. Analysts had forecast a loss of 3 cents a share, an adjusted bottom line of breakeven a share, and revenue of $188.9 million. Pagaya forecast adjusted EBITDA of $10 million to $20 million on to …
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