Shares of online insurance marketplace EverQuote Inc. (EVER) surged over 11% 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. Adjusted EBITDA increased to $18.8 million from a loss of $1.9 million a year ago.
Looking ahead, EverQuote provided an optimistic outlook for Q4 2024, forecasting revenue growth of 140% year-over-year at the midpoint, driven by continued strength in the auto insurance segment. The company expects to capitalize on this favorable demand environment by strategically investing in technology enhancements and expanding its agent platform.
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