U.S. Stock Market News | Q3 guidance lower than expected, digital insurance company Lemonade drops more than 17%
The stock price of the digital insurance company Lemonade fell by more than 17%, closing at $18.65, as it predicted lower-than-expected revenue for the third quarter. The company reported a net loss of $57.2 million in the second quarter, with operating income increasing from $104.6 million last year to $122 million this year. However, Lemonade expects third-quarter revenue to be between $124 million and $126 million, below analysts' expectations of $134.9 million
According to Zhitong Finance, on Wednesday, the stock price of digital insurance company Lemonade (LMND.US) fell, with the stock down over 17% to $18.65 as of the time of publication. The company predicts that Q3 revenue will be lower than expected.
In the second quarter, the company reported a quarterly net loss of $57.2 million, or $0.81 per share, compared to a net loss of $67.2 million, or $0.97 per share, in the same period last year. Revenue increased from $104.6 million in the same period last year to $122 million this year. The company expects third-quarter revenue to be between $124 million and $126 million, below analysts' expectations of $134.9 million