Lemonade Inc. shares remained flat in Monday’s extended session after an initial surge after the mobile-based insurance company reported better-than-expected quarterly results a day ahead of its scheduled release.
Shares are down 0.5% on the hour after an initial 7% jump after the stock closed up 13% at $18.50 in the regular session.
The company reported a loss of $74.8 million, or $1.21 a share, for the first quarter, compared to a loss of $49 million, or 81 cents a share, in the year-ago period.
Total revenue increased to $44.3 million from $20.8 million in the same quarter last year. Analysts polled by FactSet had forecast a loss of $1.39 per share on revenue of $54.5 million.
Lemonade expects revenue of $46 million to $48 million for the second quarter and $205 million to $208 million for the year.
Analysts had forecast revenue of $69 million for the second quarter and $275.4 million for the year.
As Lemonade approaches the two-year anniversary of its IPO when the stock debuted 139% above its original price, shares closed 36% below their original price of $29 on Monday.
https://www.marketwatch.com/story/lemonade-stock-sheds-initial-after-hours-gain-following-narrower-than-expected-loss-11652130850?rss=1&siteid=rss Lemonade stock loses initial after-hours gain after a smaller-than-expected loss