Everquote ( (EVER) ) has released its Q3 earnings. Here is a breakdown of the information Everquote presented to its investors.
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EverQuote, Inc., a prominent online insurance marketplace, connects consumers with insurance providers, leveraging data and technology to simplify and personalize insurance acquisition. In its latest earnings report, EverQuote unveiled remarkable financial results for the third quarter of 2024, highlighted by a significant surge in revenue and profitability. The company reported a revenue spike of 163% year-over-year to $144.5 million, propelled by a robust recovery in the automotive insurance sector, which accounted for 90% of its revenue. EverQuote’s variable marketing margin also saw an impressive increase of over 125%, reaching $43.9 million, while net income rose to $11.6 million from a previous net loss. The strategic investment in optimizing traffic operations and enhancing AI-powered solutions has evidently paid off, as reflected in the adjusted EBITDA of $18.8 million, marking a substantial turnaround from the prior year’s losses. Going forward, EverQuote’s management remains optimistic about maintaining their growth trajectory, with plans to continue strategic investments aimed at solidifying their leadership position in the online insurance marketplace.
