Shares of online insurance marketplace EverQuote Inc. (EVER) surged over 11% on November 5, 2024, after the company reported record financial results for the third quarter of 2024, fueled by a remarkable recovery in the auto insurance industry.
For Q3 2024, EverQuote posted revenue of $144.5 million, a staggering 163% year-over-year increase, smashing Wall Street estimates of $140.3 million. The stellar top-line growth was primarily driven by the company's automotive insurance vertical, which accounted for 90% of total revenue and saw its revenue surge by a whopping 202% to $130 million.
The company's profitability also witnessed a significant turnaround, with net income of $11.6 million compared to a loss of $29.2 million in the prior-year period. Adjusted EBITDA increased to $18.8 million from a loss of $1.9 million a year ago.
Looking ahead, EverQuote provided an optimistic outlook for Q4 2024, forecasting revenue growth of 140% year-over-year at the midpoint, driven by continued strength in the auto insurance segment. The company expects to capitalize on this favorable demand environment by strategically investing in technology enhancements and expanding its agent platform.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。