LendingTree 4Q & Full Year 2017 Earnings Released
LendingTree reported its fourth quarter and full year 2017 results on Thursday. The company’s fourth quarter revenue of $161 million is an increase of 60 percent year-over-year. However, the fourth quarter adjusted net income per share was six cents shy of analysts’ expectations, which caused the company’s stock value to drop by eight percent after the report was released, according to CNBC.
Meanwhile, LendingTree’s GAAP Net Loss from Continuing Operations was $6.5 million. CEO and Chairman Doug Lebda said that this loss reflects a $9.1 million revaluation of the company’s deferred tax assets resulting from recent changes in the tax law that lower its overall tax rate. This, along with a one-time $10 million commitment to establish a charitable foundation.
“Given our recent success,” Lebda said, “we are pleased to be in a position to give back to the community through this foundation, and we look forward to sharing more details with our stakeholders as the foundation develops.”
Revenue for the full year 2017 was $617.7 million, an increase of $233.3 million, or a 61 percent increase over 2016 full year revenue.
“In addition to growing full-year revenue…” Lebda said, “ 2017 was transformational in several ways. We more than tripled our size in the strategically important and highly competitive credit card business [and] our mortgage business grew 25 percent year-over-year in a category where originations were down 17 percent according to industry estimates.”Last modified: February 24, 2018
Todd Stone is a reporter for deBanked.