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Lemonade’s stock rallies 9% after insurance company narrows quarterly loss

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Claudia Assis is a San Francisco-based reporter for MarketWatch. Follow her on Twitter @ClaudiaAssisMW.

Shares of Lemonade Inc.

rose more than 9% in the extended session Wednesday after the mobile-based insurance company narrowed its quarterly loss and revenue topped expectations. Lemonade lost $61.5 million, or 88 cents a share, in the quarter, compared with $91.4 million, or $1.37 a share, in the third quarter of 2022. Revenue rose 55% to $114.5 million, the company said, mostly on an increase in gross earned premiums. FactSet consensus expected the company to report a GAAP loss of 94 cents a share on sales of $104.

 

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