Shares of Lemonade, Inc. (LMND) skyrocketed on October 31st, 2024, surging over 35% after the insurance technology company reported better-than-expected third-quarter results and raised its full-year guidance.
For the quarter ended September 2024, Lemonade posted revenue of $136.6 million, reflecting a robust 19.3% year-over-year increase. This figure surpassed analysts' consensus estimate of $128.7 million, driven by strong growth in gross earned premiums and an increase in investment income. The company's net loss for the quarter came in at $67.7 million, or $0.95 per share, significantly narrower than the expected loss of $1.02 per share.
Lemonade's impressive performance was underpinned by its continued customer acquisition success, with total customers rising 17% year-over-year to 2.3 million. Additionally, the company's gross loss ratio improved significantly to 73%, down from 83% in the prior-year quarter, reflecting the positive impact of its pricing and underwriting initiatives.
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