By Dean Seal
Shares of LendingTree jumped after the company unexpectedly swung to a profit in the fourth quarter.
The stock was up 14% at $37.15 in early trading. Shares have now gained 23% year-to-date.
The Charlotte, N.C.-based online financial-services company swung to a quarterly profit of 98 cents a share from a loss of 81 cents a share in the year-ago quarter. Analysts polled by FactSet had been expecting a loss of 5 cents a share.
Chief Executive Doug Lebda said the company has taken actions to reduce operating costs and improve its technology and data infrastructure.
The positive earnings came despite revenue dropping by a third to $134.4 million, about $2 million below analyst forecasts. The company’s guidance for $650 million to $690 million in revenue for fiscal 2024 also fell short of projections, according to FactSet.
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