Lemonade Inc LMND shares are falling after the company reported its second-quarter financial results Tuesday. Here's a look at the details from the report.
The Details: Lemonade reported quarterly losses of 81 cents per share which beat the analyst consensus estimate of losses of 86 cents by 5.81%.
Quarterly sales of $122 million beat the analyst consensus estimate of $121.771 million and represents a 16.63% increase over sales from the same period last year.
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In force premium (IFP), defined as the aggregate annualized premium for customers as of the period end date, increased by 22% to $838.8 million as compared to the second quarter of 2023. The company said its customer count increased by 14% to 2,167,194 as compared to the second quarter of 2023, and premium per customer was $387 at the end of the second quarter, up 8% year-over-year.
Lemonade will host a conference call at 8 a.m. ET Wednesday to discuss the results.
Outlook: Lemonade sees third-quarter revenue in a range of $124 million to $126 million and fiscal year revenue between $511 million and $515 million.
LMND Price Action: According to Benzinga Pro, Lemonade shares are down 17.37% after-hours at $18.70 at the time of publication Tuesday.
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Image: Oleg Gamulinskii from Pixabay
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