Lemonade, Inc. (LMND) saw its stock soar in pre-market trading on October 31, 2024, following the release of its third-quarter earnings report on the previous day. The insurtech company reported impressive financial results that exceeded analysts' expectations, driven by strong growth across various key metrics.
For the quarter ended September 2024, Lemonade reported revenue of $136.6 million, marking a 19.3% increase compared to the same period last year. This figure surpassed the Zacks Consensus Estimate of $127.02 million, reflecting the company's successful customer acquisition strategies and product diversification efforts.
The company's net loss for the quarter came in at $67.7 million, or $0.95 per share, beating analysts' expectations of a $1.02 loss per share. While still reporting a loss, Lemonade demonstrated significant improvements in profitability measures, with adjusted EBITDA loss of $49 million, better than the projected range of $56-$58 million.
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