Why Lemonade Stock Is Falling Today
Shares of Lemonade (NYSE: LMND), the artificial intelligence-driven insurance company, were falling hard today despite the company reporting better-than-expected results for the second quarter. Investors were likely disappointed the company's gross loss ratio increased in the quarter due to catastrophic weather events.
The fintech stock was down by 16.9% as of 11:38 a.m. ET.
Let's start with the good news first. Lemonade reported a non-GAAP (adjusted) loss per share of $0.97 in the second quarter, which was better than analysts' average consensus estimate of a loss of $1.03. Additionally, the company's revenue of $104.6 million was up 109% from the year-ago quarter and surpassed Wall Street's average estimate of $97.6 million.
Source Fool.com
