Industry News

InterActiveCorp grows real estate revenue

Increase due to higher revenue per transaction, company says

IAC/InterActiveCorp, the parent company to LendingTree and, today reported increased earnings within its Financial Services and Real Estate segment for the second quarter, driven mostly by LendingTree. Revenue for the Financial Services and Real Estate segment was $130.3 million, up from 44.6 million during the same period last year. Operating income was $6.2 million within the sector, compared with a loss of $1.2 million a year ago. The higher results within the segment were driven primarily by 194 percent higher revenue per transaction, the company said, reflecting LendingTree's strategy to close in its own name a portion of the loans sourced through the LendingTree network. LendingTree entered the mortgage business in September 2004 with the purchase of online direct mortgage lender Despite the acquisition, the company continues to offer consumers multiple competing offers for loan products from the more than 200 lenders within its network. A tot...