LendingTree, Inc. - TREE STOCK NEWS

A recent survey by ValuePenguin.com revealed significant gaps in Americans' understanding of health insurance. 50% of respondents could not answer basic insurance questions, and 72% found purchasing health insurance confusing. Key findings include that 55% do not know what a premium is, while 37% worry about affording coverage. Furthermore, 57% of insured individuals have avoided medical care due to uncertainty about coverage. The survey, conducted in October 2020, highlights critical knowledge deficits that could have serious financial implications.

LendingTree, Inc. (NASDAQ: TREE) announced third quarter results for 2020, reporting total revenue of $220.3 million, a decline of 29% year-over-year. Despite challenges from the pandemic, the company saw growth in the Insurance segment, with revenue rising 24% to $92.5 million, while the Home segment revenue increased by 2%. However, the Consumer segment faced a significant revenue drop of 68%. The company recorded a net loss of $24.8 million. For Q4 2020, LendingTree expects revenue between $200 to $215 million.

According to a LendingTree survey, nearly 71% of parents with children under 18 plan to increase their Halloween spending this year, aiming to compensate for lost celebrations due to the COVID-19 pandemic. Over half of Americans, 54%, have previously overspent on Halloween, primarily for decoration competition. Additionally, 34% of consumers subscribed to new streaming services for Halloween content, and 38% purchased Halloween items for social media purposes. These findings highlight the significant emotional and financial impact of 2020 on holiday spending habits.

On October 21, 2020, QuoteWizard, a LendingTree company, released its 5th annual Best and Worst Drivers by State report, analyzing over 2 million insurance quotes to determine state rankings based on driving incidents. Wyoming, Virginia, and Colorado were identified as the states with the worst drivers, while West Virginia, Missouri, and Michigan topped the list for the best drivers. The rankings were derived from a composite score based on accident rates, speeding tickets, DUIs, and citations.

LendingTree, Inc. (NASDAQ: TREE) will release its fiscal third quarter 2020 results on November 5, 2020, at 7:00 a.m. ET. A shareholder letter will be posted on their website. The company will host a conference call at 9:00 a.m. ET on the same day, which will also be webcast. Interested participants can dial in five minutes prior. Replay of the call will be available from 12:00 p.m. ET on November 5 until 12:00 p.m. ET on November 13. For more details, visit investors.lendingtree.com.

LendingTree surveyed over 1,000 U.S. consumers in early October 2020, revealing key insights into holiday shopping trends amid the COVID-19 pandemic. Notably, 25% of consumers have completed their holiday shopping already, with 44% of parents with children under 18 doing the same. However, 31% expect to incur debt this holiday season, particularly 55% of parents and 47% of those laid off or furloughed. Additionally, 59% of parents plan to spend more this year, while 22% of shoppers will purchase gifts online.