LendingTree Inc. announced results for the second quarter ending on June 30, 2021. Among the key findings, Home segment revenue of $104.9 million grew 42% from the same quarter last year, producing a segment profit of $39 million, up 1% over the same period.
Chairman and CEO of LendingTree Inc., Doug Lebda, said, “Our second quarter results demonstrate clear evidence of increasing momentum at the company.”
Consumer segment revenue grew 104% from $75.7 million over the same quarter last year, demonstrating improvements in credit cards and personal loans. This swept in profits of $33.4 million, up 72% year-over-year.
Personal loan revenue of $25.2 million increased 70% compared to the first quarter of 2021. Additionally, credit card revenue of $22.4 million grew 27% compared to the previous quarter.
“Our financial performance is rebounding in a meaningful way as those businesses hit hardest by the pandemic continue their return to health,” Lebda added. “Our recent leadership realignment has largely taken shape, and our priorities are becoming clear. Our people are returning to our offices across the country with renewed enthusiasm and focus, and we're executing on our mission to enable consumers to make the smartest financial decisions at the most critical times in their lives.”
Forecasts for the third quarter this year remain bright with Home expected to extend the same trends from the second quarter, and the consumer segment expected to have an elevated pace of recovery in key products. In insurance, top-line growth should continue while segment margins contract modestly to the mid-thirties as percent of revenue.
Additionally, non-variable costs are expected to increase materially from the second quarter, since the company hired 115 people in the second quarter and plans to hire more staff going forward. Overall, the revenue outlook for the third quarter is between $285 and $298 million.
“The recovery in our Consumer segment is encouraging, and its impact to the overall profitability of the Company is a clear highlight from the quarter's results,” said Trent Ziegler, chief financial officer of LendingTree. “Combined with sustained strength in Home and Insurance, the fundamentals of our core businesses are solidifying, enabling us to continue executing against our strategic growth initiatives. Our path back to pre-COVID levels of performance and beyond is becoming more visible, and we look forward to continued progress in the back half of the year.”
For more information, please visit http://www.lendingtree.com.
