Shares of Lemonade, Inc. (LMND) plummeted around 14% in pre-market trading on Wednesday, following the release of the insurance technology company's fourth quarter 2024 earnings report on Tuesday after the closing bell.
Lemonade reported a better-than-expected revenue of $148.8 million for the quarter, topping Wall Street's consensus estimate of $144.8 million. However, the company missed significantly on the bottom line, reporting an adjusted loss per share of $0.42, wider than analysts' expectations of a $0.61 loss.
The earnings disappointment seems to be the primary driver behind Lemonade's stock sell-off in extended trading. Despite touting progress with its new "Synthetic Agents" program, the company's failure to meet profitability targets overshadowed the revenue beat, prompting a sharp negative reaction from investors.
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