Oscar Health, Inc. shares plummeted 11.72% in intraday trading on Thursday, completely reversing a sharp pre-market surge. The stock had initially rallied over 16% in pre-market action after the company reported second-quarter financial results that handily beat analyst expectations, but the gains evaporated as the regular session progressed.

The dramatic reversal was driven by classic profit-taking dynamics. The company reported Q2 earnings of $1.10 per share, crushing the consensus estimate of $0.39, while revenue soared 70.4% to $4.88 billion, exceeding the $4.75 billion forecast. Additionally, Oscar raised its full-year operating income guidance to a range of $500 million to $700 million, up from the prior $250 million to $450 million. However, the company reaffirmed its full-year revenue outlook of $18.7 billion to $19.0 billion without an upward revision. Investors who had aggressively bid up the stock in pre-market trading on the strong headline numbers moved to lock in profits once the unchanged revenue forecast signaled limited near-term top-line upside catalysts.

Despite the stark intraday decline, Oscar Health’s underlying quarterly performance was robust. The company swung to a net profit of $361.8 million from a loss of $228.4 million a year ago, driven by membership growth of 46% to 2.96 million and a significantly improved medical loss ratio of 79.2%, down from 91.1%. The sharp sell-off reflects disappointment over the unchanged revenue guidance rather than any fundamental weakness in the quarter’s results.