Lemonade slides on downbeat FY revenue forecast

LEMONADE

28/02/2024 13:25

** Shares of insurer Lemonade  LMND.N  fall 16.7% to $18.10
premarket
    ** After market close on Tuesday, LMND forecast FY 2024
revenue between $505 mln and $510 mln, below analysts'
expectations of $518.5 mln - LSEG data
    ** Co expects Q1 revenue between $111 mln and $113 mln, also
below estimates of $119.80 mln
    ** LMND plans to roughly double its growth budget in 2024
from the $55 mln spent in 2023
    ** Expects to launch homeowners insurance later this year in
the UK and France
    ** Q4 net loss came in at 61 cents/shr compared with
expectations of 80 cents/shr
    ** Up to last close, stock up 34.7% YTD

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