Shares of Lemonade, Inc. (LMND) surged over 6% in after-hours trading on Tuesday, following the company's release of its third-quarter earnings results.
The insurtech company reported Q3 revenue of $136.6 million, surpassing analyst expectations of $129.2 million. Lemonade also posted a gross profit of $38 million and an adjusted gross profit of $38.6 million for the quarter.
The better-than-expected top-line performance from Lemonade appears to have fueled investor enthusiasm, driving the stock higher in extended trading. As a rapidly growing company in the insurance technology space, Lemonade's ability to deliver solid revenue growth is closely watched by investors.
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