LendingTree, Inc. (NASDAQ: TREE) shares are trading lower after the company cut its second quarter revenue guidance.
The company cut its revenue guidance from a range of $283 - $293 million to a new range of $259 - $264 million, which is below the analysts estimate of $284.85 million. Adjusted EBITDA is now anticipated to be in the range of $26 - $29 million versus the prior range of $35 - $40 million.
Doug Lebda, Chairman and CEO, said "Our variable marketing model continues to serve us well as difficult economic forces have persisted, and in many instances worsened, so far this year. Despite rapid increases in interest rates, rampant consumer price inflation, and looming recession fears presenting persistent headwinds for some of our operating segments, our diversified business model and strong balance sheet allow us to continue to strengthen our competitive position while navigating shorter-term macro driven challenges.”
LendingTree Inc is a United States-based company that is principally engaged in operating an online loan marketplace.
The stock was trading about 9% lower at $49.90 per share on Friday at the time of publication.
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