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Source: Stephanie L Sanchez / Shutterstock.comLemonade (NYSE:LMND) stock is climbing higher on Tuesday following the release of its earnings report for the second quarter of 2022.
The first bit of positive news from the report is earnings per share of -$1.10. That’s better than the -$1.32 per share that Wall Street was expecting for the quarter. Even if it’s wider than the -90 cents per share reported during the same time last year.
To go along with that, revenue for the second quarter of the year comes in at $50 million. That’s a boon to LMND stock compared to analysts’ estimate of $47.56 million. It’s also a 77% increase in revenue year-over-year.
Lemonade attributes its major rise in revenue to a couple of factors. The first is the increase in gross earned premium earnings in Q2. The second is a drop in the proportion of earned premium ceded to reinsurers.
Another positive for LMND stock is the company’s guidance for Q3 and the full year of 2022. This has it expecting revenue ranging from $63 million to $65 million in Q3 and $236 million to $239 million in 2022. For comparison. Wall Street is expecting revenue of $56.97 million in Q3 and $213.41 million in 2022.
Heavy trading is also sending LMND stock higher alongside its Q2 earnings report. That has some 2 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is roughly half that at 1.1 million shares.
LMND stock is up 14.3% as of Tuesday morning.
Investors searching for more recent stock market news are in the right place!
We’ve got all of the latest stock news traders need to know about for Tuesday! That includes what has meme stocks moving, why shares of semiconductor stocks are slipping, as well as what’s going on with Digital World Acquisition (NASDAQ:DWAC) stock. You can find out more at the following links!
More Tuesday Stock Market News
- What Is Going on With Meme Stocks AMC, GME, BBBY Today?
- Why Are Semiconductor Stocks Down Today?
- Dear DWAC Stock Fans, Mark Your Calendars for Aug. 12
On the date of publication, William White did not have (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.
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