Shares of online insurance marketplace Everquote Inc. (EVER) surged over 12.59% in pre-market trading on November 5, 2024, after the company reported record financial results for the third quarter of 2024, fueled by a remarkable recovery in the auto insurance industry.
For Q3 2024, Everquote posted revenue of $144.5 million, a staggering 163% year-over-year increase, smashing Wall Street estimates of $140.3 million. The stellar top-line growth was primarily driven by the company's automotive insurance vertical, which accounted for 90% of total revenue and saw its revenue surge by a whopping 202% to $130 million.
The company's profitability also witnessed a significant turnaround, with net income of $11.6 million compared to a loss of $29.2 million in the prior-year period. Everquote's adjusted earnings per share of $0.31 beat analysts' expectations of $0.22, highlighting the company's strong performance and operational efficiency.
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