Oscar’s revenue is spiking, but it’s still losing money

Oscar Health’s first-quarter financial results, its first since a $1.4 billion IPO in March, have the tech-focused insurance company’s cheerleaders celebrating. But skeptics point to a glaring $87.4 million loss as a reminder that Oscar has yet to turn a profit, seven years in.

The SoHo-based company on Thursday reported $369 million in revenue during the quarter, compared with $88 million in the first quarter of last year. Its $87.4 million net loss during the quarter was down from a net loss of just under $97 million in the first quarter of last year.

Investors pointed to robust membership growth as a cause for optimism that Oscar is

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