LendingTree Inc (NASDAQ: TREE) shares are falling in Thursday's after-hours session after the company revised its second-quarter guidance.
LendingTree said it now expects second-quarter revenue to be between $259 million and $264 million versus its previous guidance of $283 million to $293 million.
Variable marketing margin is now expected to be between $88 million and $92 million versus the prior range of $100 million to $106 million. LendingTree also revised adjusted EBITDA guidance to a range of $26 million to $29 million versus the company's previous guidance range of $35 million to $40 million.
"The challenging interest rate environment that progressed through this quarter combined with annual inflation persistently running above 8% has presented additional challenges for many of our mortgage lending and insurance partners," said Trent Ziegler, CFO of LendingTree.
"Despite near-term headwinds, our balance sheet remains incredibly solid, we expect continued positive cash flow generation, and we continue to operate from a position of strength."
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TREE Price Action: LendingTree is making new 52-week lows on Thursday.
The stock was down 11.4% in after hours at $48.60 at press time, according to data from Benzinga Pro.
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