Lending Tree (NASDAQ:TREE) earnings for the lending marketplace company’s second quarter of 2020 have TREE stock falling on Tuesday. That’s despite its adjusted earnings per share of 46 cents beating Wall Street’s estimate for a loss of 4 cents. Its revenue of $184.3 million also comes in above analysts’ estimate of $175.38 million.
Let’s take a closer look at the most recent Lending Tree earnings report.
- Adjusted per-share earnings are down 61% from $1.18 during the same time last year.
- Revenue for the quarter comes in 34% lower than the $278.4 million reported in the second quarter of 2019.
- Operating loss of $7.55 million is a negative switch year-over-year from an operating income of $12.32 million.
- The Lending Tree earnings report also includes a net loss of $8.62 million.
- That’s a major decline compared to the company’s net income of $13 million in the same period of the year prior.
Doug Lebda, chairman and CEO of Lending Tree, said the following about the earnings results.
“Despite the challenging backdrop, our team executed incredibly well in the second quarter. While our business has not been immune to effects of the current environment, it has certainly proven resilient. We believe times like these tend to separate the leaders from the pack, and we’re confident that our market-leading position should enable to us to reap the benefits of an accelerating digital transformation in consumer finance.”
Lending Tree also reintroduces its outlook in the current earnings report. It expects revenue for the third quarter of the year to range from $200 million to $215 million. Wall Street is estimating revenue of $210.46 million for the quarter.
TREE stock was down 7.8% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
