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NerdWallet shares fell nearly a quarter in premarket trading Friday after the financial services company reported third-quarter earnings and revenue below analyst expectations. The stock was trading at $8.74; through Thursday’s close, it had declined 12% this year.
NerdWallet reported profit of $14.9 million, down from $26.3 million a year earlier. Earnings were 23 cents a share, short of the 34 cents expected by analysts polled by FactSet.
Revenue rose 11% to $239.6 million, but also came in below Wall Street’s $251.9 million estimate. Consumer revenue increased 12% year over year to $214.5 million, which the company attributed primarily to higher student-loan activity and the peak summer lending season.
Revenue from small- and medium-sized businesses rose 6% to $25.1 million. NerdWallet said increased loan originations were partly offset by continued pressure on organic search traffic.
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