NerdWallet Inc. (NRDS) witnessed a remarkable surge in its stock price on October 30, 2024, with shares skyrocketing over 31% in pre-market trading. This impressive rally was fueled by the company's stellar third-quarter 2024 financial performance and the announcement of a new share repurchase program.
For the quarter ended September 30, NerdWallet reported revenue of $191.3 million, a robust 25% increase year-over-year. This impressive topline growth was primarily driven by the company's surging insurance products revenue, which saw a staggering 916% year-over-year jump. The small and medium-sized business (SMB) vertical also contributed significantly, with a 12% year-over-year increase in revenue.
On the profitability front, NerdWallet delivered non-GAAP operating income of $22.9 million, a remarkable improvement from the $9.5 million reported in the prior-year quarter. The company attributed this strong performance to increased operational efficiency and disciplined cost management measures.
In addition to the stellar financial results, NerdWallet also announced a new $25 million share repurchase program, following the completion of its previous buyback plan. This move underscores the company's commitment to enhancing shareholder value and confidence in its future growth prospects.
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