Shares of Oscar Health, Inc. (NYSE:OSCR) surged 5.72% in pre-market trading on Wednesday, November 7, 2024, following the release of the company's third-quarter financial results. While Oscar Health reported a larger-than-expected loss per share, the company's exceptional revenue growth appears to have fueled investor enthusiasm and driven the stock's rally.

For the third quarter of 2024, Oscar Health reported revenue of $2.42 billion, surpassing analyst estimates of $2.34 billion and representing a remarkable 68.30% increase compared to the same period last year. This robust top-line growth highlights the company's ability to expand its business and capture market share in the highly competitive healthcare sector.

However, the company's earnings fell short of expectations, with a reported loss of $0.22 per share, missing the analyst consensus estimate of $0.19 per share. Despite the earnings miss, investors seemed to focus more on the company's strong revenue growth, which is a key driver of long-term profitability and a positive indicator of Oscar Health's growth trajectory.