Root, Inc. (NASDAQ:ROOT) shares are trading higher Thursday after the company reported better-than-expected third-quarter earnings. Here’s what you need to know.
What To Know: Root posted earnings per share of $1.35, beating estimates for a loss of 98 cents per share. Revenue came in at $305.7 million, beating analyst estimates of $275.36 million, according to Benzinga Pro.
Root said it reached net income profitability for the first time in company history. The company noted that its strong quarterly results were driven by targeted acquisition investment, loss ratio performance and the efficiency of the company’s fixed expense base as growth continues.
“This is a pivotal moment for Root. This quarter validates the strength of our business model, our technology, and our customer value ...