Stock Alert: EverQuote Up 30% On Q1 Results, Outlook

(RTTNews) - Shares of EverQuote, Inc. (EVER) are currently gaining nearly 30% on Tuesday morning after the company reported a first-quarter loss that was lower than Wall Street expectations, driven largely by higher-than-expected revenues. Revenue guidance for the second quarter and full year 2020 are also expected to beat current estimates.

EVER is currently trading at $51.08, up $11.19 or 28.05%, on the Nasdaq.

First-quarter loss was $1.4 million or $0.05 per share, compared to $4.4 million or $0.17 per share last year. Total revenues surged 56% $81.4 million from $52.2 million last year, largely driven by strength in consumer quote request volume.

Analysts polled by Thomson Reuters estimated loss of $0.06 per share and revenues of $77.47 million.

"We reported strong first quarter results across all of our key financial metrics - delivering revenue growth of 56%, variable marketing margin growth of 72% and positive Adjusted EBITDA. During the quarter, we attracted more high-intent consumers with an 80% increase in quote request volume," said Seth Birnbaum.

Looking forward, EverQuote expects revenues of $77.0 million to $80.0 million and $318.0 to $327.0 million for second quarter and full year 2020, respectively. Analysts currently estimate revenues of $75.68 million and $318.54 million second-quarter and full-year 2020, respectively.