Business
NerdWallet Reports Second Quarter 2024 Results
Revenue of $150.6 million, Up 5% Year-Over-Year FINANCIAL HIGHLIGHTS Revenue of $150.6 million GAAP loss from operations of $9.6 million GAAP net loss of
About this update from Nerdwallet, Inc.
[{"type":"text","content":"\nRevenue of $150.6 million, Up 5% Year-Over-Year\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\nRevenue of $150.6 million\n\n\n\nGAAP loss from operations of $9.6 million\n\n\n\nGAAP net loss of $9.4 million or $0.12 loss per diluted share\n\n\n\nNon-GAAP operating loss of $2.7 million\n\n\n\nAdjusted EBITDA of $14.3 million\n\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nNerdWallet, Inc. (Nasdaq: NRDS), which provides trustworthy financial guidance to consumers and small and mid-sized businesses (SMBs), today reported financial results for its second quarter ended June 30, 2024.\n\n\n“This quarter we met our topline expectations, delivering revenue of $151 million, up five percent year-over-year, even as we hit an air pocket as banking decelerated, but we fell short of our guidance for non-GAAP operating income due to unexpected headwinds in organic search traffic,” said Tim Chen, Co-Founder and Chief Executive Officer of NerdWallet. “We are seeing early signs of recovery and continue to believe we have a path to achieving our mid- and long-term targets we issued in March of this year as the insurance market normalizes and the lending environment loosens. At the same time, we remain focused on efficiency and will be investing more in our most important long-term strategic priorities, including vertical integration and our paid membership offerings.”\n\n\nSECOND QUARTER 2024 HIGHLIGHTS\n\n\nAs previously announced, effective with the fourth quarter of 2023, we present SMB products (previously included in Other verticals) as a separate revenue product category. Additionally, our historical Other verticals product category, exclusive of SMB products, is renamed Emerging verticals. Comparative amounts have been reclassified to conform to the presentation for the three months ended June 30, 2024.\n\n\n\nCredit cards revenue of $46.1 million decreased 10% year-over-year, primarily due to reduced marketing spending by our financial services partners amidst a combination of continued cautious underwriting and heightened balance sheet conservatism.\n\n\n\nLoans revenue of $21.7 million was down 6% year-over-year, primarily due to a decrease in personal loans as we lap a difficult comparison period and continue to work through a tight underwriting environment while improving our near-prime matching and partner coverage, partially offset by growth in studen...