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Real estate Web site revenue increases

Profits soar at LendingTree parent company InteractiveCorp

Online business conglomerate InteractiveCorp, the parent company of online lending and realty services exchange LendingTree, reported first quarter net income of $38 million, or 5 cents per share, compared with a loss of $110 million, or 23 cents per share a year ago. Total revenue grew 6 percent to $1.5 billion from $1.4 billion the previous year. Revenue at LendingTree was up 2 percent over the prior year, despite a 45 percent drop in industry-wide home loan refinancings, the company said. InteractiveCorp reported revenue of $39.7 million from the financial services and real estate segment, which posted a $3.6 million loss in operating income and a $3.1 million gain in operating income before amortization. "Results (at LendingTree) were driven by purchase mortgage activity, which more than doubled as a result of strong close rates and a targeted marketing campaign, as well as the real estate and home equity products and incremental revenue from acquisitions," InteractiveCorp said i...

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