By Denny Jacob
EverQuote shares plunged 20% to $5.26 in aftermarket trading on its third-quarter outlook and second-quarter results.
The stock, which closed 2.7% lower Monday at $6.57, is down 55% on the year.
The online insurance marketplace forecast revenue in the range of $51 million and $56 million in the third quarter. Analysts polled by FactSet expected $74.1 million.
EverQuote also posted second-quarter results. The company widened its loss to $13.2 million, or 40 cents a share, for the three months ended June 30, from $3.8 million, or 12 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 32 cents a share.
Revenue fell 33% to $68 million from $101.9 million. Analysts polled by FactSet expected $71.6 million.
“By streamlining our operations and adopting a relatively more asset-light model, we believe EverQuote will be well positioned to capitalize on our market opportunity with the normalization of the auto insurance industry,” said Chief Financial Officer Joseph Sanborn.
Write to Denny Jacob at [email protected]
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