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Porch Group Rises 10% On Narrower Q3 Loss, FY21 Outlook Lift

Shares of software services company Porch Group Inc. (PRCH) are climbing 10 percent on Tuesday's trading as the company posted narrower loss in the third quarter, helped by higher revenues. The company also raised its full year revenue guidance.

The company posted net loss of $5.1 million or $0.08 per share in the third quarter, lower than net loss of $8.9 million or $0.25 per share in the same period last year.

Quarterly revenues soared 192 percent to $62.8 million from $21.5 million last year, helped by higher software sales and growth in sales of key services like insurance and closed acquisitions.

On average, seven analysts polled by Thomson Reuters expected the company to post a loss of $0.14 per share on revenues of $57.3 million for the third quarter.

Looking ahead, the company raised its full-year 2021 revenue outlook to $195 million, from the earlier forecast of $187.5 million, while analysts are looking for revenues of $189.1 million.

Currently at $26.79, the stock has traded between $10.05 and $27.50 during the past 52 weeks.

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