LendingTree rises as Q4 profit sails past Wall St estimates

LendingTree

27/02/2024 13:07

** Shares of consumer lender LendingTree  TREE.O  rise ~5.7%
to $36.25 premarket
    ** Co posts Q4 adjusted profit of 28 cents/share, sailing
past estimates 4 cents/share, according to LSEG data 
    ** Co in a letter to shareholders says it has exited
businesses that no longer fit with its strategy, reduced
complexity as well as headcount 
    ** "We have taken decisive action to simplify our company,
reduce operating costs, improve our technology and data
infrastructure" - CEO Doug Lebda
    ** TREE sees Q1 revenue between $158 mln - $168 mln vs
estimates of $165.2 mln 
    ** Co sees FY24 revenue in the range of $650 mln - $690 mln
below expectations of $715.6 mln
    ** TREE says forecast assumes home segment revenue remains
depressed, with higher interest rates continuing to impact
origination volumes
    ** Stock up ~13.1% YTD 

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