SLQT - Here's Why SelectQuote Stock Is Soaring on Thursday
The stock market was having a so-so day on Thursday, with the Dow Jones, S&P 500, and Nasdaq all slightly in the red at 11 a.m. EDT. Insurance distribution platform provider SelectQuote (NYSE: SLQT) is another story, with shares soaring by 16% on the day.
Why? The short answer is that SelectQuote reported earnings that blew past expectations. The company's revenue grew by 90% year over year to $141 million, which was nearly $22 million more than analysts had been looking for. And it earned $0.13 per share for the quarter, well in excess of what the market had been expecting.
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