Lemonade Inc. /zigman2/quotes/219257798/composite LMND +3.58% shares declined in the extended session Tuesday as the mobile-based insurance company reported its first quarterly results a little over a month after its initial public offering. Lemonade shares declined 4.3% after hours, following a 6.9% drop in the regular session to close at $62.75. The company reported a second-quarter loss of $21 million, or $1.77 a share, compared with a loss of $23.1 million, or $2.09 a share, in the year-ago period. Revenue rose to $29.9 million from $13.8 million in the year-ago quarter. "At the start of the quarter we significantly slowed our marketing spend, suspended nonessential hiring, and offered to defer customers' payments," the company said in a statement. "Then, we braced for impact. We expected to see a spike in churn, a drop in demand, and a hit to our cash flow. None materialized." Lemonade expects revenue of $14 million to $15 million for the third quarter, and $86 million to $88 million for the year. Lemonade shares soared more than 140% on their first day of trading following the company's initial public offering in early July.