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Why EverQuote Stock Crashed 15% Today

·1 min read
Why EverQuote Stock Crashed 15% Today
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Shares of online insurance marketplace EverQuote (NASDAQ: EVER) collapsed in Tuesday morning trading, dropping 15.6% through 11:10 a.m. EDT after the company released preliminary numbers for its third-quarter 2021 earnings report -- what's colloquially known as an "earnings warning." Heading into Q3, analysts have been forecasting EverQuote would lose $0.15 per share on sales of $110.2 million for the September quarter, or about $3.4 million in total. Instead, EverQuote says investors should now anticipate that its losses when calculated according to generally accepted accounting principles (GAAP) will be closer to $5.5 million or even $6 million (about $0.26 per share) and on sales of only $106.5 million to $107.5 million -- about 3% short of expectations.