IAC - LendingTree Revenue down 41%
October 31, 2007 – 9:14 pmComplete earning transcript here
Total yearly revenue from Q3 2006 - Q3 2007 was down 41% for LendingTree.com while IAC’s other real estate play Service Magic is up 33% from a year ago.
TRANSACTIONS
Q3 2007 Q3 2006 Growth
Revenue $ in millions
Ticketmaster $301.3 $265.5 13%
LendingTree 63.0 106.0 -41%
Real Estate 13.8 15.9 -13%
ServiceMagic 24.6 18.5 33%
Intra-sector elimination (0.1) - NM
$402.6 $405.9 -1%
Operating Income Before Amortization
Ticketmaster $61.9 $57.0 9%
LendingTree (3.2) 18.8 NM
Real Estate (3.9) (6.3) 38%
ServiceMagic 5.4 6.0 -10%
$60.3 $75.6 -20%
Operating Income (Loss)
Ticketmaster $54.0 $50.5 7%
LendingTree (5.6) 15.2 NM
Real Estate (4.8) (8.0) 40%
ServiceMagic 4.6 5.1 -9%
$48.2 $62.7 -23%
From Thomas J. McInerney CFO
We continued to reduce costs in the quarter and year-to-date, we have shrunk the LendingTree workforce by 40% while reducing marketing spend by 24% and total operating expenses by 33%. Obviously we’ve been chasing our tail a bit as this market has continued to deteriorate, but our focus over the balance of the year is positioning the business to achieve at least break-even results in 2008 and for as long as this environment lasts…
One Response to “IAC - LendingTree Revenue down 41%”
Thanks Dan,
I don’t think many know who these guys are, but they better read this and learn. You are quite an astute individual.
Thanks for the update.
By Fred Miller on Oct 31, 2007