Israeli insurtech company Lemonade (TASE: LMND) has reported a third-quarter loss of $30.9 million ($0.57 cents per share) compared with a loss of $31.2 million ($2.78 per share) in the corresponding quarter of 2019. Revenue fell to $17.8 million from $19 million in the corresponding quarter of 2019.
Lemonade topped the analysts on both profit and revenue. The analysts' consensus was a loss of $0.64 per share and revenue of $14.7 million.
Lemonade forecasts revenue of $18 million to $19 million in the fourth quarter, and $91 million to $93 million for the year. Analysts had forecast revenue of $16.8 million for the fourth quarter and $87.5 million for the year.
This was the second set of financial results published by Lemonade since its IPO in July when it raised $319 million at a company valuation of $1.6 billion.
Despite beating the analysts, Lemonade's share price was down 6.48% on the NYSE at $61.65, giving a market cap of $3.5 billion.
Lemonade sells online insurance for tenants renting homes and pet health insurance. The company's main market is in the US but it also operates in Germany and the Netherlands and says it will be launching in France in the fourth quarter.
Published by Globes, Israel business news - en.globes.co.il - on November 11, 2020
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