Oscar Health stock gains after first results as public company

Oscar Health Inc. stock rose nearly 3% late Thursday after the digital health-insurance company reported its first results as a public company, missing Wall Street expectations but showing more subscribers than expected. Oscar said it lost $87.4 million, or 98 cents a share, in the first quarter, compared with a loss of $96.9 million, or $3.36 a share, in the year-ago quarter. Revenue rose to $369 million, from $88.4 million a year ago, the company said. Analysts polled by FactSet had expected Oscar to report a GAAP loss of 53 cents a share on sales of $598 million. Its membership grew 29%, it said. “We achieved very attractive first-quarter growth, while simultaneously lowering our medical loss ratio and administrative cost ratio year-over-year,” Chief Executive Mario Schlosser said in a statement. Shares of Oscar ended the regular trading day down 7.4%. Oscar went public in March.

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