Lemonade Shares Fall After Q2 Results

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.

Read Also: Sprouts Farmers Market Stock Is Up On Q2 Results, Strong Q3 Guidance

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.

Read Next: 

• Lattice Semiconductor Stock Falls On Worse-Than-Expected Q2 Results

Image: Oleg Gamulinskii from Pixabay