EverQuote (EVER) Up 6.6% Since Last Earnings Report: Can It Continue?
Nasdaq It has been about a month since the last earnings report for EverQuote (EVER). Shares have added about 6.6% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is EverQuote due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
EverQuote Q2 Earnings Top, Revenues Miss Estimates
EverQuote incurred a loss of 31 cents per share in second-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of 33 cents. However, the bottom line was wider than the year-ago quarters loss of 12 cents per share.
Total revenues of $68 million missed the Zacks Consensus Estimate by 5%. The top line declined 33.3% year over year, primarily attributable to weak performance in both Automotive and Other insurance verticals.
Given the prolonged auto insurance downturn, EVER undertook some strategic decisions, including restructuring operations, eliminating about 30% of positions company-wide, exiting the health insurance vertical and its associated direct-to-consumer agency (DTCA), and scaling down DTCA serving auto and home insurance markets.
