Tree.com hopes cost cuts boost earnings Charlotte Business Journal
Tree.com Inc. , parent of LendingTree , intends to cut $5.5 million worth of payroll in the coming year, consolidating call centers and eliminating redundant management and corporate jobs.
A Tree.com spokesman says the company will not comment for now on how many positions will be eliminated or how many jobs in Charlotte will be lost.
The company broadly outlined the plan in announcing its earnings guidance for 2010 late last week. The company expects revenue for 2010 to total $227 million to $327 million. That would be 3.5 percent to 7 percent higher than the revenue it anticipates for this year.
Still, it is not clear that Tree.com will return to the black for the year. Operating income is forecast to range between losing $500,000 and earning $4.5 million.
Chief Financial Officer Matt Packey says the company expects the consumer credit markets will remain tight into 2011. But he says the cost reductions, including layoffs, “give us the right structure to operate efficiently in a market less dominated by refinance mortgages.”
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