Earnings Results: Lemonade stock sheds initial after-hours gain following narrower-than-expected loss

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Lemonade Inc. shares were flattish in the extended session Monday following an initial spike after the mobile-based insurance company reported better-than-expected quarterly results a day before their scheduled release.

Lemonade
LMND,
-12.94%

shares were last down less than 1% after hours, following an initial 7% jump, after the stock closed down 13% at $18.50 in the regular session.

The company reported a first-quarter loss of $74.8 million, or $1.21 cents a share, compared with a loss of $49 million, or 81 cents a share, in the year-ago period.

Total revenue rose to $44.3 million from $20.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $1.39 a share on revenue of $54.5 million.

Lemonade expects revenue of $46 million to $48 million for the second quarter, and $205 million to $208 million for the year.

Analysts had forecast revenue of $69 million for the second quarter, and $275.4 million for the year.

As Lemonade approaches the two-year anniversary of its IPO, when the stock debuted 139% above its initial pricing, shares closed Monday 36% below their $29 original pricing.

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