Lemonade (NYSE:LMND) stock is climbing higher on Tuesday following the release of the company’s earnings report for the second quarter of 2022.
The first bit of positive news from the report is the company’s earnings per share (EPS) loss of $1.10. That’s better than the -$1.32 per share Wall Street had expected for the quarter, even if it’s wider than the 90 cent loss reported during the same time last year.
To go along with that, Q2 revenue came in at $50 million. That’s a boon to LMND stock compared to analysts’ estimate of $47.6 million. It’s also a 77% increase in revenue year-over-year (YOY).
Lemonade attributes this major rise in revenue to a couple of factors. First, the company saw an increase in “gross earned premium” earnings in Q2. It also saw a drop in the “proportion of earned premium ceded to reinsurers.”
Another positive for LMND stock is the company’s Q3 and full-year guidance. Lemonade expects revenue ranging from $63 million to $65 million in Q3 and between $236 million and $239 million for 2022. For comparison, Wall Street is expecting revenue of $56.9 million in Q3 and $213.4 million in 2022.
Heavy trading is also sending LMND stock higher today alongside the Q2 earnings report. Some 2 million shares are on the move as of this writing. To put that in perspective, the company’s daily average trading volume is about 1.1 million shares.
LMND stock is up 14% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.