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EverQuote Slips 15% After Lowering Q3 Revenue Outlook

Shares of EverQuote, Inc. (EVER) slipped 15% on Tuesday morning after the online insurance marketplace lowered its third-quarter outlook.

EVER is currently trading at $14.71, down $2.63 or 15.17%, on the Nasdaq. The stock has traded between $14.08 and $54.96 in the 52-week period.

Looking forward, the company now expects revenue of $106.5 million to $107.5 million, compared to guidance of $109 million to $111 million. Analysts had a consensus revenue estimate of $110.22 million.

Adjusted EBITDA is expected to be in the range of $2.0 million to 2.5 million, compared to guidance of $4.5 million to $5.5 million.

Net loss for the quarter is expected to be in the range of $6.0 million to $5.5 million.

Variable marketing margin is expected to be in the range of $32 million - $32.5 million, compared to guidance of $33 million to $34 million.

"Our third quarter performance was impacted by challenges in the auto insurance market; several of our key carrier customers experienced higher than expected claims losses, resulting in a sudden pull back of their marketing efforts in an attempt to restore their target levels of profitability," said Jayme Mendal, CEO of EverQuote.

EverQuote will report third-quarter results and update guidance for full year 2021 on Monday, November 1.

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