LendingTree, Inc. reported a total revenue of $900.2 million for the fiscal year ended December 31, 2024, marking a 34% increase from $672.5 million in 2023. The significant growth was primarily driven by a 120% surge in the Insurance segment, which generated $548.7 million, up from $249.6 million the previous year. In contrast, the Home and Consumer segments experienced declines, with Home revenue decreasing by 10% to $128.9 million and Consumer revenue falling by 20% to $222.5 million. The company reported an operating income of $44.6 million, a substantial recovery from an operating loss of $40.6 million in 2023.
The filing highlighted several strategic developments, including the closure of the Ovation credit services business and a workforce reduction plan that eliminated approximately 13% of the company's workforce. These actions were part of a broader effort to streamline operations and reduce costs, which is expected to save around $14 million annually. Additionally, LendingTree has ceased offering student loans, with plans to complete this exit by the end of the first quarter of 2025. The company also introduced its Spring platform, which aims to enhance user engagement and improve the consumer experience.
Operationally, LendingTree reported a total of 31.3 million active users on its Spring platform as of December 31, 2024, an increase of 3.1 million from the previous year. The company attributed approximately $23.1 million of its revenue to registered Spring users, indicating a growing adoption of this platform. However, the overall economic environment, characterized by high inflation and fluctuating interest rates, has continued to challenge the company's performance, particularly in the mortgage sector, where high rates have dampened refinancing activity.
Looking ahead, LendingTree's management expressed optimism about the Insurance segment's performance, anticipating continued growth as demand from carrier partners increases. However, the company remains cautious about the Home and Consumer segments due to ongoing economic pressures. The filing also noted that LendingTree's accumulated deficit stood at $879.4 million as of December 31, 2024, reflecting the challenges faced in achieving consistent profitability. The company plans to leverage its brand recognition and expand its product offerings to navigate these challenges and drive future growth.
About LendingTree, Inc.
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