Stock Track | EverQuote Soars 12.59% Pre-Market on Blockbuster Q3 Results, Robust Auto Growth

Stock Track11-06

Shares of online insurance marketplace EverQuote Inc. (EVER) surged over 12.59% in pre-market trading on November 5, 2024, following the company's exceptional third-quarter financial results, driven by a remarkable recovery in the auto insurance industry.

For the third quarter, EverQuote reported record revenue of $144.5 million, a staggering 163% increase year-over-year, surpassing Wall Street's estimates. The stellar growth was primarily fueled by the company's automotive insurance vertical, which accounted for 90% of total revenue and saw its revenue surge by a whopping 202% to $130 million.

Furthermore, EverQuote's profitability witnessed a significant turnaround, with net income of $11.6 million compared to a loss of $29.2 million in the prior-year period. The company's adjusted EBITDA increased to $18.8 million from a loss of $1.9 million a year ago, highlighting its strong operational efficiency and growing market dominance in the auto insurance comparison space.

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