LendingTree falls after forecasting FY24 revenue below estimates

LendingTree

27/02/2024 16:17

(Updates)
    ** Shares of consumer lender LendingTree  TREE.O  give up
premarket gains, now down ~10.4% at $30.73
    ** Co sees FY24 revenue in the range of $650 mln - $690 mln
below expectations of $715.6 mln, according to LSEG data 
        ** TREE says forecast assumes home segment revenue
remains depressed, with higher interest rates continuing to
impact origination volumes
  
        ** Adds consumer segment is expected to decline as well,
on expectations that lender appetite for new customers will not
strengthen until the second half of 2024
  
    ** Co posts Q4 adjusted profit of 28 cents/share, sailing
past estimates 4 cents/share, 
    ** Co in a letter to shareholders says it has exited
businesses that no longer fit with its strategy, reduced
complexity as well as headcount 
    ** Including session moves, stock up a marginal ~1.3% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))