Industry News

LendingTree reports loss in Q2

Sagging home loan market weighs on online exchange

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IAC/Interactive Corp. today reported a 78 percent surge in profits for the second quarter, despite taking a loss in its real estate holdings, which include LendingTree and Overall, IAC reported $96 million in net income, or 32 cents a share, while revenues were up 5.6 percent to $1.5 billion for the quarter. The company said that revenue reflects growth from every sector, including its sector that holds real estate even though there were declines at LendingTree. LendingTree provides loans to consumers online through third-party exchange lenders, and also makes loans itself through LendingTree Loans. Like many companies in the lending space, it appears to be feeling the effects of a difficult home loan market. LendingTree experienced a $1.3 million loss in the second quarter, down from a $9.8 million profit during the same period a year earlier. Revenue at LendingTree declined 9 percent to $98.6 million. IAC said revenue declines at LendingTree were driven by fewer home ...