EverQuote jumps after strong Q1 revenue forecast

EverQuote

27/02/2024 15:32

** Shares of online insurance marketplace EverQuote  EVER.O 
rise as much as 18.7% in morning trade, last up 10% at $18.86
    ** After market close on Monday, EVER forecast Q1 revenue
between $78 mln and $82 mln, above analysts' expectations of $76
mln - LSEG
    ** More auto insurers are beginning to come back to our
marketplace as they want to return to acquiring new consumers in
2024 - CFO Joseph Sanborn told analysts on conf call
    ** EVER reported a smaller-than-expected Q4 net loss of 19
cents/shr vs estimates of 32 cents/shr 
    ** Q4 revenue came in at $55.7 mln, also sailing past
estimates of $49.8 mln, thanks to strong auto carrier spend
    ** We believe Progressive  PGR.N  is driving the bulk of
higher spend thus far, but other carriers are starting to ramp -
JPM analysts said in a note
    ** Up to last close, shares were up 40% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))