Bankrate reported third quarter revenue of $140.8 million but delivered a GAAP net loss of $23.4 million. The investment to redesign o CreditCards.com site, which went live in April, is bearing fruit as it has helped drive a record number of unique visitors to the site.
Bankrate says mortgage revenues in its banking business reached the highest level in four quarters.
Total Credit Card segment consumer inquiry revenue in Q3 was a record $49.9 million and grew 61% YOY, driven by a 32% increase in consumer inquiries and 29% increase in monetization.
In Q3 2015, mobile visits and consumer inquiry volumes for our CreditCards.com site increased by 141% and 96%, respectively, YOY. Credit Cards launched version 4.0 of the Walla.by App with Ambient Alerts. This feature intelligently pushes notifications to a user about the best card to use to maximize rewards at retail locations, such as supermarkets and restaurants, without having to launch the App. At the end of Q3 2015, Walla.by had more than 150,000 users.
In a separate news Bankrate announced the sale of its Insurance business to All Web Leads, Inc. for total consideration of $165 million. The Company recorded a goodwill impairment charge of $35 million for its Insurance business in the quarter.
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