Online loan marketplace LendingTree Inc.
reach the break-even point by the first quarter of 2002, five months earlier
than expected.
The company also said that during November 2000, for the first time in its
history, revenue per customer exceeded the cost of acquisition per customer.
The company’s stock was up nearly 44 cents to $2.93 in mid-morning trading.
Like hundreds of other Internet companies, its stock has taken a beating over
the past few months. The 52-week low is $1.78; at one time it was in the $21
a share range.
LendingTree said “continued efficiency of customer acquisition costs and
higher conversion rates” have reduced the company’s anticipated loss and cash
flow needs compared to previous guidance.
For the nine months ended last Sept. 30, LendingTree revenues totaled $21.2
million, up from $4 million in the same period a year earlier. Net loss
totaled $53.5 million, up from $17.3 million.
LendingTree’s loan technology, Lend-X, powers the online loan marketplace at
its eponymous site, as well as the online lending resources of other
institutions. LendingTree.com lets consumers receive multiple loan offers,
within one business day, in response to a single loan request for home
mortgages, home equity loans, personal loans, automobile loans and credit
cards.