EverQuote announces cost reduction plan

EverQuote announced plans to implement a structural reduction of over 15% in its non-marketing operating expenses (excluding non-cash items).

The company also announced that Joseph Sanborn, who previously served as EverQuote’s chief strategy officer, has been named chief financial officer. John Wagner, chief financial officer, is leaving EverQuote to pursue other opportunities, but will stay with the company through the filing of its second quarter financial results in order to ensure a smooth transition.

When the company announced its first quarter results in May, it withdrew its previously provided full year 2023 guidance due to the uncertainty of performance within the auto insurance industry and the exact timing of when carriers may restore their marketing budgets.

“We remain committed to managing expenses throughout our operations. We expect this efficient cost structure will position EverQuote for growth and profitability when the auto insurance carriers return to their normal pattern of acquiring consumers through digital channels.” – Jayme Mendal, CEO of EverQuote.