Shares of Root, Inc. (NASDAQ:ROOT), the insurance technology company, surged 5.57% in the pre-market session on Friday, following the release of the company's stellar full-year 2024 earnings results.
Root reported a net income of $29.2 million for the year, a significant turnaround from the loss of $147.4 million in 2023. The company's revenue skyrocketed by 159% to $1.18 billion, driven by strong growth in its core insurance business. Both revenue and earnings per share beat analyst expectations.
The impressive financial performance marks a major milestone for Root, as the company achieved profitability for the first time in 2024. The move to profitability was fueled by the company's successful efforts to scale its operations and capitalize on the growing demand for its innovative insurance products.
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