Lemonade stock drops more than 6% after insurer’s wider Q2 loss

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Lemonade Inc. banal fell much than 6% precocious Wednesday aft the security institution reported a wider-than-expected quarterly loss.

Lemonade LMND, +3.39% said it mislaid $55.6 million, oregon 90 cents a share, successful the 2nd quarter, compared with a nonaccomplishment of $21 million, oregon $1.77 a share, successful the 2nd 4th of 2020.

Revenue fell to $28.2 cardinal from $29.9 cardinal a twelvemonth ago.

Analysts polled by FactSet expected a GAAP nonaccomplishment of 85 cents a stock connected income of $26.8 cardinal for the company.

“As we look ahead, from our vantage point, it’s ‘all systems go’ for a 2nd half,
with akin dynamics,” the institution said successful a missive to shareholders.

Lemonade said it ended the 4th with much than 1.2 cardinal customers, compared with 814,160 customers astatine the extremity of the 2nd 4th of 2020.

The institution guided for third-quarter gross betwixt $32.5 cardinal and $33.5 million, and superior expenditures of astir $3 million. The gross guidance is wrong FactSet statement for the quarter.

For the afloat twelvemonth 2021, the institution called for gross betwixt $123 cardinal and $125 million, and superior expenses of astir $11 million. The analysts polled by FactSet expect 2021 income astir $119 million.

The banal ended the regular trading time up 3.4%. So acold this year, Lemonade shares person dropped 27%, contrasting with gains of 17% for the S&P 500 scale SPX, -0.46%.

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