Shares of Lemonade, Inc. (LMND) skyrocketed in pre-market trading on October 31st, 2024, surging as much as 22.85%. This significant jump came in response to the insurtech company's impressive third-quarter earnings report released the previous day, which exceeded analysts' expectations across multiple key metrics.

For the quarter ended September 2024, Lemonade posted revenue of $136.6 million, marking a 19.3% year-over-year increase and surpassing the Zacks Consensus Estimate of $127.02 million. This robust revenue growth can be attributed to the company's successful customer acquisition strategies and product diversification efforts.

Furthermore, Lemonade's net loss for the quarter came in at $67.7 million, or $0.95 per share, beating analysts' expectations of a $1.02 loss per share. While still reporting a loss, the company demonstrated significant improvements in profitability measures, with an adjusted EBITDA loss of $49 million, better than the projected range of $56-$58 million.