Tree.com posts larger 1Q loss
Published: May 13, 2011
Time posted: 2:29 pm
Tags: Doug Lebda, Home Loan Center, LendingTree, SurePoint Lending, Tree.com
Tree.com said it had a larger net loss in the first quarter than in the same period a year ago.
The Charlotte-based company logged a net loss of $39.5 million, or $3.63 per share, compared with a net loss of $6.1 million, or 56 cents per share, in the year-ago quarter.
CEO Doug Lebda said the latest quarter’s results stemmed in part from the acquisition of Surepoint Lending, work on the company’s website and the termination of the company’s real estate brokerage business, RealEstate.com Realtors.
First-quarter revenue fell to $33.4 million from $44.7 million in the first quarter of 2010.
Tree.com is the parent company of LendingTree and Home Loan Center.