Why Shares of Metromile Are Falling Today
Shares of the digital car insurer Metromile (NASDAQ: MILE) had fallen close to 22% as of 10:40 a.m. EDT after the company reported earnings for the second quarter of 2021.
Metromile, which charges premiums based on miles driven, reported a net earnings per share loss in the quarter of $0.33 on total revenue of nearly $29 million. That's an improvement from the second quarter of 2020, and both EPS and revenue beat analyst estimates, but investors were disappointed with the results and the remaining outlook for the year.
At the end of the second quarter, policies in force totaled 95,314, compared to 95,958 at the end of the first quarter. The accidental loss ratio also widened in the quarter from roughly 50% a year ago to more than 74%.
Source Fool.com
