Lemonade Inc LMND shares are trading higher Tuesday after the company reported better-than-expected financial results and issued guidance above analyst estimates.
Lemonade reported second-quarter revenue of $50 million, which beat the estimate of $47.7 million, according to Benzinga Pro. The insurance company reported a quarterly net loss of $1.10 per share, which beat the estimate for a loss of $1.32 per share.
"We are fast approaching the tipping point where the return on our earlier investments outstrips the costs of new investments. It's not just that more and more of our sales are zero-cost cross-sells or upsells, it's also that more and more of our book consists of seasoned products and customers," the company said in a letter to shareholders.
Lemonade expects third-quarter revenue to be between $63 million and $65 million versus the estimate of $56.97 million. The company expects full-year revenue to be between $236 million and $239 million versus the estimate of $213.41 million.
LMND Price Action: Lemonade has a 52-week high of $44.50 and a 52-week low of $15.99.
The stock was up 12.3% at $28.19 on Tuesday afternoon.
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