: AI-backed insurer Lemonade jumps after hours on earnings, forecast


Shares of Lemonade Inc. LMND, +1.65% rocketed higher after hours on Wednesday after the AI-backed insurance provider forecast better-than-expected full-year revenue and reported first-quarter results that were stronger than anticipated. The company — which uses a bot to connect customers with homeowner, car, pet and life insurance — said it expected revenue of $392 million to $396 million for the full year, above FactSet forecasts for $381.2 million. Shares jumped 15% after hours. The company reported a first-quarter net loss of $65.8 million, or 95 cents a share, compared with $74.8 million, or $1.21 a share, in the same quarter last year. Revenue jumped 115% to $95.2 million, compared with $44.3 million in the prior-year quarter. Analysts polled by FactSet expected the company to report a loss of $1.13 a share, on revenue of $88.2 million. “The broad, recent excitement around AI is on point,” executives said in a shareholder letter outlining the results. “Our competitors presumably share in this excitement, but unless they built their company for this moment, we expect its impact will be somewhat muted.”

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleDow Jones Newswires: China’s Caixin manufacturing PMI slips into contraction for April
Next articleQualcomm stock falls about 3% after hours on outlook


Please enter your comment!
Please enter your name here