Shares of LendingTree fall 28% after Q1 results and lowered guidance

Shares of online consumer finance company LendingTree (TREE) are down 28% or $6.50 per share to $17 per share in afternoon trading on Tuesday after the company lowered expectations for Q2 and for the full year 2023, due to headwinds in its Home unit," a pressured revenue environment for Consumer and, to a lesser extent, Insurance. In April, subsequent to quarter end, we made the decision to close our Ovation Credit Services business, with the financial impact incorporated in our forecast," noted management. The company now see full year revenue of $760M – $800M compared to the prior range of $935M – $985M. Analysts were estimating FY23 revenue of $945.6M. Other companies in the online fintech space include SoFi Technologies (SOFI), Robinhood (HOOD) and Block (SQ)