Why Lemonade Stock Sweetened Up Today
Lemonade (NYSE: LMND) shareholders had a sweet morning on Wednesday, as the artificial intelligence (AI)-powered insurer smashed Wall Street's estimates in a fresh third-quarter report. The stock jumped 22.1% higher five minutes after the opening bell, reaching price levels not seen since September 2021.
Q3 revenues jumped 42% year over year, landing at $194.5 million. Your average analyst firm would have settled for $184.9 million.
On the bottom line, net losses shrank from $0.95 to $0.51 per share. Here, the Street consensus had pointed to a loss of $0.70 per share. Management's revenue guidance for the fourth quarter also exceeded the current analyst projections.
Source Fool.com
