EverQuote Inc. (EVER) shares surged over 9% in after-hours trading on November 4, 2024, after the online insurance marketplace reported record financial results for the third quarter and provided an optimistic outlook for the fourth quarter.
For the three months ended September 30, 2024, EverQuote posted revenue of $144.53 million, a staggering 162.7% increase from the prior-year period. The top-line figure also exceeded Wall Street's expectations of $140.34 million. The company's earnings per share of $0.31 also surpassed analysts' estimates of $0.22.
EverQuote's remarkable Q3 performance was driven by a robust recovery in the auto insurance industry and the company's effective execution in capitalizing on this favorable environment. The auto insurance vertical, which accounted for 90% of total revenue, saw its revenue surge by 202% year-over-year to $130 million.
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