LendingTree soars on annual forecast raise, Q1 results beat

LendingTree

30/04/2024 14:55

(Updates)
    ** Shares of online lending marketplace LendingTree  TREE.O 
rise 23% to $45.63, touching its highest since Feb. last year
    ** Co raises FY24 revenue estimate to between $690 mln and
$720 mln from prior range of $650 mln and $690 mln
    ** Forecasts Q2 revenue in the range of $175 mln - $190 mln;
above Wall Street view of $168.30 mln 
    ** Company beats analysts' expectations for revenue and
profit in Q1
        ** Cites strong performance of Insurance segment and
stable lending environment for the beat
  
        ** Six of eight brokerages rate the stock "buy" or
higher, two "hold"
    ** Up to Monday's close, stock had risen 23.2% YTD

 (Reporting by Khushi Singh and Niket Nishant in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com;))