LendingTree to cut around 13% of its workforce
Online lending platform LendingTree Inc. (TREE) on Wednesday said that it would cut around 13% of its workforce in an effort to lower costs. The company, in a filing, said that it had committed to a workforce reduction plan on Friday intended to shrink expenses. LendingTree said it expected to record roughly $5.6 million in severance charges. The company said that it expected to book the charges related to the workforce reduction plan in the first and second quarters of 2023 and that the execution of that plan, including cash payments, would be completed by the end of the second quarter of 2024. LendingTree said it was not changing its first-quarter and full-year financial outlook for now. Shares were unchanged after hours.
-Bill Peters
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