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LendingTree Shares Plunge 10% on Revised Q2 Guidance

Published 06/23/2022, 12:49 PM
Updated 06/23/2022, 05:03 PM
© Reuters. LendingTree (TREE) Shares Plunge 10% on Revised Q2 Guidance
TREE
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By Davit Kirakosyan

LendingTree Inc (NASDAQ:TREE) shares were trading more than 10% lower after-hours following the company’s revised Q2 guidance release.

The company expects Q2 revenue to be in the range of $259 - $264 million, compared to the prior range of $283 - $293 million. The consensus was $287.2 million. Adjusted EBITDA is expected in the range of $26 - $29 million, compared to the prior range of $35 - $40 million.

According to Trent Ziegler, the CFO of LendingTree, the company saw a significant impact on its Home segment due to the challenging interest rate environment, with nearly doubled mortgage rates over the last six months. This resulted in a sharp decline in refinance volumes and in more recent pressure on purchase activity.

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