Tree.com reports breakeven results in 4Q quarter
03/10/2014 7:40 PM
03/10/2014 7:41 PM
The parent company of LendingTree on Monday posted breakeven results in the fourth quarter from a year ago, as it reported a $1.3 million loss from discontinued operations.
Ballantyne-based Tree.com said the loss related to the 2012 sale of the company’s home loan origination business to Discover Financial Services.
Mortgage products continue to generate the lion’s share of revenue for the company, whose signature website, LendingTree.com, matches borrowers with mortgage, auto and other lenders. The company said its mortgage-related revenue grew 49 percent to $31.2 million from $21 million a year ago.
Overall revenue rose 52 percent to $36.4 million from $23.9 million a year earlier.
Tree.com executives said the company’s diversification strategy is helping it grow new revenue streams. Last year, the company began allowing consumers to shop for reverse mortgages on Lendingtree.com. Also last year, the company added the ability to comparison shop for credit cards, and it relaunched its personal loan product.
The company is waiting for a federal jury to issue a decision in a case involving LendingTree’s patents. In 2010, LendingTree sued competitors, alleging they infringed on patents it filed beginning in the late 1990s to protect its methods for matching borrowers with lenders.
Closing arguments in the case wrapped up Monday. The jury is expect to begin deliberating this week.
Editor's Choice Videos
Join the Discussion
Charlotte Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.