SelectQuote, Inc. (SLQT), a technology-enabled platform that sells a range of insurance policies to consumers, has plummeted 41.81% in aftermarket trading sessions and consequently is trading at $3.80 at the time of the writing. During Monday’s regular trading session, the stock declined by 1.36% and closed the day at $6.53. The decline in aftermarket could be attributed to the announcement of abysmal quarterly results.
Q2 2022 Results
In the late hours of Monday, SLQT released the results for the second quarter of the fiscal year 2022. The quarter ended on 31st December 2021. The operating expenses during the three months were $367.8 million against $234.1 million for the same three-month period of fiscal 2021. The company suffered a net loss of $137 million (or $0.84 per share) for the period against the net income of $89.8 million (or basic and diluted net income of $0.55 and $0.54 per share) for the same period of the fiscal year 2021.
Unlock the Hottest Top 10 Penny Stocks Today! Discover Now
Dive into the world of lucrative penny stocks with MarketClub's groundbreaking "Smart Scan" technology! Get an instant snapshot of the top 50 high volume stocks with a clear direction and outstanding liquidity - in other words, the strongest trending. To unlock this exclusive list, simply provide your first name, last name, and email for instant access.
Gain Access to Top 10 Penny Stocks Now!.
SLQT Provided Segment’s Update
Alongside, SLQT also provided an update regarding the segments of Senior, Life, and Auto & Home. The company said that the revenue for the senior segment decreased by 50%, from $315 million during the second quarter of fiscal 2021 to $157 million for the second quarter of fiscal 2022. For the life segment, the revenue posted by the company during the quarter was $32 million against $35 million for the same quarter of fiscal 2021. The revenue for the auto & home segment remained at $6 million during the quarter against $7 million for the same quarter of the fiscal year 2021.
Chief Executive Officer of SLQT, Tim Danker, while commenting on the results said that the company has faced numerous challenges during the quarter. The disappointing performance by the company during the quarter would drive it toward changing its strategy and growing a focus on efficiency. The company is confident that it would deliver value to the shareholders during the upcoming quarter.
Future Outlook for SLQT
Statistics reveal that during the last three months, SLQT stock has declined by approximately 40%, owing to both markets related and company-specific reasons. Looking ahead, the analysts believe that the stock holds several negative indicators at this point, and hence, is expected to decline further in the upcoming few weeks.