Cost-Cutting InitiativesShares of Pagaya are trading up 4% intraday following management’s announcement of significant cost-cutting initiatives that should drive $25M in annual operating savings.
Financial PerformanceShares of Pagaya traded up 20% as the company reported strong first-quarter results, with better network volume, revenue, EBITDA, and margin metrics than expected, and affirmed its 2024 guidance.
Partnerships And Network GrowthBank partnership pipeline remains strong - PGY highlighted its latest bank partnership, Elavon (US Bankcorp subsidiary) a top 5 global payments provider, with 1M merchant locations and 2M customers.